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[Shanghai Spot Copper] Intraday trading in the spot market improved somewhat from yesterday. Suppliers still showed willingness to hold prices firm, but some suppliers’ sell-offs temporarily weighed on the market, causing spot premiums to decline somewhat in the second trading session. Coupled with the narrowing Contango price spread between nearby futures contracts, suppliers’ willingness to ship to delivery warehouses weakened somewhat, and spot premiums remained under pressure. Demand side, as copper prices fell, downstream enterprises may have had some restocking demand, but the current copper prices had limited actual appeal. Supply side, social inventory remained at a high level, but spot cargo available for actual circulation was relatively tight. Some warrants were already seen flowing out during the day, which may ease some pressure on spot supply. Meanwhile, the import window remained open, and expectations for subsequent inflows of cargo from outside China increased. Overall, amid the tug-of-war between sellers and buyers, Shanghai spot copper is expected to maintain the current discount structure overall tomorrow.

Spot #1 copper cathode prices in North China were quoted at an average discount of 60 yuan/mt against the front-month contract today, unchanged from the previous trading day. The average transaction price was 99,020 yuan/mt, down 1,240 yuan/mt from the previous trading day.