Apr 30, 2025 18:01

 In summary, supported by April's consumption, the low inventory situation in May supports the nearby month structure and premiums. However, the market is concerned that export orders may decline from late May to late June due to tariff uncertainties, affecting the continuity and enthusiasm of end-user procurement. As May progresses, while supply issues persist, whether consumption can continue to improve or even maintain remains to be seen. Currently, the SHFE copper 2505-2506 contract spread is expected to widen to 500 yuan/mt before delivery, with the deferred month structure still expected to continue widening.