Price Spread Between Futures Contracts Widens and Premiums Are Raised, Yet Supply and Demand Remain Weak [SMM Shanghai Spot Copper]

Published: Feb 14, 2025 13:45

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[SMM Spot Copper] During the day, mainstream standard-quality copper was quoted at a premium of 10-20 yuan/mt against the front-month contract, while high-quality copper was quoted at a premium of 20-40 yuan/mt. Due to the surge in copper prices during the day, the price spread between near-month contracts widened again, prompting suppliers to raise premiums accordingly. In the short term, downstream stocking sentiment remains weak, but unreported inventory has already declined. Next Monday marks the last trading day for the SHFE 2502 copper contract, and spot premiums are expected to rise due to fluctuations in the price spread.

SMM, February 14:

Today, spot #1 copper cathode premiums against the SHFE 2502 contract were quoted at 10-40 yuan/mt, with an average premium of 25 yuan/mt, up 25 yuan/mt from the previous trading day. Standard-quality copper traded at 77,420-77,880 yuan/mt, while high-quality copper traded at 77,430-77,900 yuan/mt. The SHFE copper 2502 contract rose during the morning session, initially climbing slightly from around 77,300 yuan/mt and later testing 78,070 yuan/mt in the second trading period. The price spread between the SHFE copper 2502 and 2503 contracts fluctuated at C220-C270 yuan/mt.

During the day, suppliers slightly increased their offers, but market transactions remained lackluster. Early in the session, mainstream standard-quality copper was quoted at premiums of 10-30 yuan/mt, while high-quality copper was quoted at premiums of 20-40 yuan/mt. Due to the widening price spread, suppliers raised their offers for near-month contracts, but market transactions were moderate. During the main trading session, premiums edged up slightly, with mainstream standard-quality copper trading at premiums of 20 yuan/mt and high-quality copper trading at premiums of 30-40 yuan/mt. Hydro copper saw limited transactions at a discount of around 100 yuan/mt. By 11:00 a.m., spot premiums stabilized.

During the day, as copper prices surged, the near-month price spread widened again, prompting suppliers to raise premiums. However, downstream stocking sentiment remained weak in the short term, although unreported inventory had already declined. Next Monday marks the last trading day for the SHFE copper 2502 contract, and spot premiums are expected to rise due to fluctuations in the price spread.

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