Data: SHFE, DCE market movement (Dec 20)

The Shanghai spot copper market is expected to remain relatively strong tomorrow. In Jiangsu, available spot cargo remains tight, making procurement difficult for some downstream buyers and supporting spot premiums. The inter-month Contango spread has widened, strengthening suppliers' willingness to hold positions for delivery and reducing lower-price selling. Despite cautious downstream buying after the recent price pullback, rigid restocking demand persists. Overall, spot premiums against SHFE copper 2604 are expected to hold current levels.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to continue its relatively strong trend. From a regional structure perspective, available spot cargo in Jiangsu remains tight, with some downstream enterprises facing difficulties in procurement, providing strong support for spot premiums. From a market structure perspective, the inter-month Contango price spread between futures contracts has widened further, and suppliers have shown a stronger willingness to hold positions for delivery under the contango structure, with low willingness to sell at lower prices and strong sentiment to hold prices firm. Demand side, although downstream procurement has become more cautious following the pullback in copper prices, rigid restocking demand persists. Overall, supported by the combined effects of tight regional supply and the price spread structure, spot prices against the SHFE copper 2604 contract are expected to maintain current levels tomorrow.