SMM Spot Copper: Premiums Steady Despite Seasonal Demand Weakness and Flat Import Outlook

Published: Jan 3, 2025 12:00

Save

[SMM Spot Copper] During the day, mainstream standard-quality copper was quoted at spot premiums of 50-80 yuan/mt against the front-month contract, while high-quality copper was quoted at spot premiums of 100-120 yuan/mt. Recently, copper prices have pulled back, but end-use demand has not shown significant growth. The main reason is the seasonal factors causing short-term demand weakness. The import volume of overseas copper cathode in January is expected to remain flat compared to December, and significant resistance is still expected at the upper end of spot premiums in east China.

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

2 mins ago

Copper prices consolidate under pressure as supply marginally loosens and demand stays weak [SMM Copper Morning Meeting Minutes]

SMM Morning Summary: Overnight, LME copper opened at $14,127/mt, dipped to a low of $14,102.5/mt in early trading, then its price center moved straight up to touch $14,292.5/mt, before drifting lower to close at $14,236.5/mt, up 0.31%. Trading volume reached 22,700 lots, and open interest stood at 268,600 lots, an increase of 3,229 lots from the previous trading day, driven by bullish positioning. Overnight, the most-traded SHFE copper 2610 contract opened at 108,500 yuan/mt, dipped to 108,310 yuan/mt in early trading, then its price center moved straight up to touch 108,760 yuan/mt, before drifting lower to close at 108,390 yuan/mt, up 0.26%. Trading volume reached 28,300 lots, and open interest stood at 206,000 lots, a decrease of 876 lots from the previous trading day, driven by bearish position reduction.

2 mins ago

11 mins ago

Middle East situation sees repeated tug-of-war; LME and SHFE copper edge higher in night session [SMM Copper Morning Comment]

11 mins ago

14 hours ago

ACG’s Gediktepe Sulphide Expansion Produces First Copper and Zinc Concentrates; Full Production Targeted by End-2026

ACG Metals announced on September 1 that its Gediktepe mine in Türkiye produced its first copper concentrate on August 31, marking the start of the ramp-up phase. The company will progressively increase throughput and optimise plant performance, targeting full production by the end of 2026. Gediktepe’s steady-state annual production target is 20,000–25,000 tonnes of copper equivalent. The full announcement also confirmed that the mine produced its first zinc concentrate in August 2026, although the specific date and volumes were not disclosed. SMM estimates the mine’s zinc-in-concentrate production at approximately 10,000–15,000 tonnes of contained zinc in 2026.

14 hours ago