Arrivals of Imported Copper Significantly Decreased, Spot Premiums Rose as Expected [SMM Shanghai Spot Copper]

Published: Mar 4, 2025 13:44

Save

[SMM Spot Copper] During the day, mainstream standard-quality copper was quoted at a discount of 90-70 yuan/mt against the front-month contract, while high-quality copper was quoted at a discount of 70-50 yuan/mt. Spot premiums continued to rise during the day as imported arrivals gradually decreased, driving up high-quality copper prices. Non-registered cargoes were favoured by downstream buyers, but transactions remained limited during the day. Spot premiums are expected to edge higher tomorrow.

SMM March 4 News:

Today, #1 copper cathode spot prices against the SHFE 2503 contract were quoted at a discount of 90-50 yuan/mt, with an average price at a discount of 70 yuan/mt, up 10 yuan/mt from the previous trading day. Standard-quality copper was traded at 76,860-76,940 yuan/mt, and high-quality copper was traded at 76,880-76,960 yuan/mt. The SHFE 2503 copper contract fluctuated rangebound around 76,970 yuan/mt during the morning session. The price spread between the SHFE 2503 and 2504 contracts fluctuated at C100-C130 yuan/mt.

Spot premiums continued to rise during the day, with suppliers showing a clear sentiment to stand firm on quotes. At the beginning of the session, mainstream standard-quality copper was quoted at a discount of 80-60 yuan/mt, and high-quality copper was quoted at a discount of 70-50 yuan/mt. Suppliers raised their offers compared to yesterday, but downstream enterprises showed low acceptance, leading to a divergence between buyers and sellers and limited market activity. During the mainstream trading period, standard-quality copper was traded at a discount of 90-80 yuan/mt, and high-quality copper was traded at a discount of 70-50 yuan/mt. Hydro copper with invoices dated next month was traded at a discount of around 150 yuan/mt. By 11:00 a.m., the market's trading center had stabilized.

Spot premiums continued to rise during the day, as reduced imports of high-quality copper pushed prices higher. Non-registered cargoes were favored by downstream buyers, but transactions remained limited. Spot premiums are expected to rise slightly again tomorrow.

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

39 mins ago

SMM China's Smelter Copper Anode Inventory Days Decline in August 2026

[SMM Copper Anode Flash] Due to persistently tight supply of recycled copper anode in China, SMM China's smelter copper anode inventory days stood at 6.13 days in August 2026, down 0.16 days MoM, marking eight consecutive months of decline since January 2026.

39 mins ago

49 mins ago

Russia’s Udokan Starts Cathode Production, Targets 150,000 Tpy of Combined Copper Output

According to foreign media reports, Russia’s Udokan Copper began producing copper cathodes at its hydrometallurgical plant in Zabaykalsky Krai in the Russian Far East on September 2, 2026. The cathodes have a copper purity of 99.99%. The project began producing copper concentrate in September 2023, and the commissioning of cathode production completes its integrated value chain from ore mining to refined copper. Cathode production was originally scheduled to begin in Q2 2024. However, a fire in December 2023 damaged part of the cathode facility, while Western sanctions complicated the replacement of the affected equipment. The project’s first phase is designed to produce up to 150,000 tonnes of contained copper annually in the form of copper concentrate and cathodes, mainly for Russia’s domestic market and other Asian markets. The 150,000-tonne figure represents combined contained copper output and should not be interpreted as standalone cathode capacity. Udokan’s new cathode production will increase refined copper supply from Russia’s Far East, although near-term volumes will depend on the pace of ramp-up, logistics and sanctions-related constraints. The company previously planned to raise total copper output to around 550,000 tonnes per year after the second phase comes online, but the project timetable still requires monitoring.

49 mins ago

54 mins ago

China Secondary Copper Anode Producers' Operating Rate Rebounds

[SMM Copper Anode Market] During the week, some copper anode producers affected by the previous typhoon resumed production. From August 28 to September 3, SMM's weekly operating rate of China's secondary copper anode plate producers rebounded 5.75 percentage points WoW to 50.40%. It is expected to rise 3.69 percentage points WoW next week to 54.09%.

54 mins ago