Secondary Copper Policies Push Up Costs; Brass Strip Processing Fees Raised Across the Board

Looking ahead to next week, spot discounts for Shanghai spot copper are expected to continue a steady recovery trend. From the market structure perspective, the price spread between futures contracts for the next-month C contract remains around 300 yuan/mt, prompting suppliers to hold prices firm and withhold sales; meanwhile, the downward shift in the center of copper prices has effectively stimulated downstream purchase willingness, driving a notable rise in spot premiums. Supply side, domestically produced copper and previously price-locked imported cargoes continue to arrive, and with social inventory at elevated levels, overall circulating supply in the market remains ample.

[SMM Shanghai Spot Copper] Looking ahead to next week, spot discounts for Shanghai spot copper are expected to continue a steady recovery. From the market structure perspective, the price spread between futures contracts for the next-month C contract remained around 300 yuan/mt, prompting suppliers to hold prices firm and withhold sales. Meanwhile, the downward shift in the center of copper prices effectively stimulated downstream purchase willingness, driving a notable rise in spot premiums. Supply side, domestic copper and previously price-locked imported cargo continued to arrive, and with social inventory at elevated levels, overall circulating supply in the market remained ample. Under the combined effects of suppliers holding prices firm and downstream buying the dip, the momentum for the recovery in spot discounts is expected to continue.

According to foreign media reports, Glencore has proposed supporting Kazakh entrepreneur Shakhmurat Mutalip's $1.4 billion bid to acquire a 40% stake in Eurasian Resources Group.