SMM data: Copper concentrate shipments and arrivals data

Published: Sep 18, 2023 18:12

Source: SMM

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Tight spot cargo combined with downstream stocking, SHFE copper discount narrows ahead of Chinese New Year [SMM Shanghai spot copper]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the contango spread between nearby futures contracts is expected to narrow slightly. Suppliers' willingness to ship to delivery warehouses remains, coupled with some smelters choosing to stockpile for delivery. Additionally, suppliers' sentiment to hold prices firm and hold back sales is evident, leading to limited tradable spot cargo in the market, which will support the spot discount structure. Moreover, some price ratio-based cargoes locked in during the previous period when the import window was open are expected to arrive gradually, potentially increasing supply in the short term. Overall, spot discounts are expected to continue narrowing slightly tomorrow.

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