SHANGHAI, Sep 21 (SMM) - Today, spot premiums of #1 copper cathode moved between 50-80 yuan/mt over the SHFE 2310 copper contract, and the average premium was 65 yuan/mt, up 10 yuan/mt from yesterday. The traded prices of standard-quality copper were 68660~68760 yuan/mt, and the high-quality copper was traded at 68670~68780 yuan/mt. The U.S. dollar index surged above 105.5, and copper futures fell sharply in the morning trading. The SHFE 2310 copper contract was mainly traded at 68600-68720 yuan/mt in the morning trading, closing at 68630 yuan/mt. The price spread between the SHFE front-month and next-month copper contracts narrowed to 160-180 yuan/mt.
Copper prices fell below 69,000 yuan/mt, and downstream stocking increased. The imported copper arriving in the first half of the week was gradually digested, and low-priced supplies in Changzhou were actively purchased. During the day, spot premiums in Shanghai stabilized at over 50 yuan/mt, and the sellers of hydro-copper were unwilling to sell with discounts. The market demand for non-registered goods has increased, but the supply did not improve. In the morning, premiums of mainstream standard-quality copper were 50-60 yuan/mt, and those of high-quality copper stood at 70-80 yuan/mt. Premiums of hydro-copper were around 20 yuan/mt. Entering the mainstream trading period, mainstream standard-quality copper was traded at a premium of 50-60 yuan/mt. Premium of high-quality copper, such as Jinchuan plate, dropped to 60 yuan/mt. The transaction was brisk.
Today is the last day of the copper industry-related conference. Most of the copper market participants are on their way back, market trading activity was also low. Spot traded prices stabilized. Spot activity may increase tomorrow, and spot transactions will also be boosted by downstream stocking operations.
![[ SMM 분석 ] 19개 구리 제련소의 2026년 반기 보고서 한눈에 보기](https://imgqn.smm.cn/usercenter/gCNEi20251217171715.jpeg)
