SMM News:
Market conditions of the main Metals in the last issue on April 16, 2020
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.
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Shanghai Spot Copper Under Pressure as Imports Rise and Demand Weakens
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Shanghai Spot Copper Under Pressure as Imports Rise and Demand Weakens
Tomorrow, Shanghai spot copper quotes against the 2604 contract, with a contango spread of 110-60 yuan/mt between 2604 and 2605. Supply side: strong selling willingness, wide import window boosting inflow expectations, pressuring premiums. Demand: copper prices back below 100,000 yuan/mt but downstream buying weak; intraday trading muted, end-users cautious. SMM social inventory at 547,300 mt, down 26,600 mt but still high. With strong import expectations, supply pressure persists. Overall, with contract rollover done and strong import expectations, Shanghai spot copper expected under pressure tomorrow, discounts may widen.
1 hour ago
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