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.
