Sparse Offers and Limited Transactions in the Morning Market, Spot Premiums Slightly Decline [SMM SHFE Spot Copper]

SMM, January 24:

Today, spot #1 copper cathode was quoted at a discount of 80-40 yuan/mt against the current-month SHFE 2502 contract, with an average price at a discount of 60 yuan/mt, down 10 yuan/mt from the previous trading day. Standard-quality copper traded at 75,100-75,340 yuan/mt, while high-quality copper traded at 75,120-75,360 yuan/mt. The SHFE copper 2502 contract opened lower in the morning but moved higher, testing 75,130 yuan/mt initially before fluctuating upward and hovering around 75,500 yuan/mt by the end of the morning session. The price spread between the SHFE copper 2502 and 2503 contracts fluctuated at C130-C150 yuan/mt.

During the day, suppliers barely made offers, and the spot market saw prices but no transactions. At the beginning of the session, mainstream standard-quality copper was quoted at a discount of 60-50 yuan/mt, with few offers for high-quality copper. Only a limited number of offers were seen in the market. During the main trading session, mainstream standard-quality copper traded at a discount of 80-60 yuan/mt, while high-quality copper traded at a discount of 60-40 yuan/mt. Hydro copper was in tight supply, with few offers available. By 11 a.m., market demand remained weak, with limited transactions reported.

Spot premiums continued to decline during the day, with sporadic offers mainly aimed at cash flow, and actual transactions were weak. With only one trading day left next week before the holiday, spot premiums are expected to stabilize.