[SMM Price] April 27 copper spot discount in Shanghai market (second period)

Liangshan Copper Co., Ltd. is scheduled to commence trial production in March 2026. Upon operation, the project is expected to achieve an annual output of 125,000 tons of high-purity cathode copper, with an estimated annual production value of approximately 8 billion yuan. It will also co-produce by-products such as anode slime and crude nickel sulfate. By establishing a complete industrial chain of "copper concentrate → blister copper → cathode copper," the project will further promote the efficient local conversion of resources and significantly enhance the added value of products.

The Shanghai spot copper market is expected to remain weakly structured. A slightly widened nearby contango is incentivizing suppliers to move spot material into warehouse warrants, limiting liquidity tightness. Concurrently, smelters' delivery stockpiling and suppliers' strong price-holding sentiment are restricting available spot supply, supporting the prevailing discount. With the holiday approaching, downstream procurement has largely slowed, diminishing demand-side support for prices. Amid high prices, tight supply, firm holder sentiment, and spread pressure, spot discounts are forecast to narrow slightly further tomorrow.