SMM Spot Copper: Discount Narrows, Premiums Rise Amid Slow Destocking and Contract Expiry

게시됨: Mar 6, 2025 13:44
[SMM Spot Copper] During the day, mainstream standard-quality copper was quoted at a discount of 40-20 yuan/mt against the front-month contract, while high-quality copper was quoted at a discount of 10 yuan/mt to a premium of 10 yuan/mt. Spot premiums continued to rise during the day, and high-quality copper has turned to transactions at premiums. In the Shanghai region, under the backdrop of slow destocking, the reduction in marketable supply is likely to sustain the narrowing trend of discounts. However, it is worth noting that there is only one week left until the last trading day of the SHFE copper 2503 contract, and premiums and discounts are expected to gradually align with delivery logic, trending towards parity. Nevertheless, a large amount of warehouse warrants remains unreleased in the market, which imposes certain constraints on the upper limit of premiums and discounts.

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