The month-over-month backwardation widened further, coupled with weakening demand ahead of the holiday, and spot premiums are expected to continue pulling back [SMM Shanghai spot copper]
[SMM Shanghai Spot Copper] Looking ahead to tomorrow, suppliers continuously lowered their quotes during the day to facilitate transactions, and the market transaction center shifted further downward. In early trading, the price spread between SHFE copper 2610 and 2611 contracts consolidated around a backwardation of 600 yuan/mt before rapidly widening, once expanding to around 700-710 yuan/mt during the session. Near-month contracts strengthened further relative to deferred-month contracts, and the backwardation structure between adjacent months deepened notably, exerting some pressure on spot purchases. On the demand side, most downstream processing enterprises have largely completed their pre-holiday stockpiling, leaving limited new purchasing demand. Trading activity in the market is expected to decline further tomorrow. As pre-holiday demand gradually weakens, suppliers face increasing shipment pressure, and spot premiums in Shanghai are expected to continue edging down tomorrow.
![The month-over-month backwardation widened further, coupled with weakening demand ahead of the holiday, and spot premiums are expected to continue pulling back [SMM Shanghai spot copper]](https://imgqn.smm.cn/usercenter/NUcrH20251217171713.jpeg)
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