April 7 quotation of scrap copper in Guangdong

Indian brass billet exporters reported improved Chinese buying interest this week, with indicative offers rising to 63.5–64% of LME copper

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the intraday backwardation between the front-month and next-month contracts narrowed slightly from the previous trading day. Combined with the persistently tight supply of available cargoes in the Shanghai region, suppliers showed a strong willingness to hold prices firm and hold back from selling. After some low-priced cargoes were quickly traded, the center of market quotes shifted further upward. In particular, high-quality copper cargoes were relatively scarce, and quotes remained firm. On the demand side, as SHFE copper prices rose and spot premiums continued to climb, downstream processing enterprises saw their overall procurement costs increase further, leading to weakened purchasing interest and overall sluggish market trading. Shanghai spot premiums are expected to stay high tomorrow, with the possibility of edging up further, but caution is needed regarding the sustained pressure that high copper prices and high premiums may exert on downstream procurement.