Overnight Copper Prices Fell Sharply, Morning Trading Slightly Rebounded [SMM Shanghai Spot Copper]

SMM March 10 News: Today, #1 copper cathode spot prices against the SHFE 2503 contract were quoted at a discount of 20 yuan/mt to a premium of 20 yuan/mt, with an average price at parity. This marked an increase of 5 yuan/mt compared to the previous trading day. Transaction prices for standard-quality copper ranged from 77,530 to 77,770 yuan/mt, while high-quality copper traded between 77,550 and 77,790 yuan/mt. The SHFE copper 2503 contract pulled back significantly during the morning session, opening lower and then slightly recovering to around 77,660 yuan/mt. The price spread between the SHFE copper 2503 and 2504 contracts fluctuated between a discount of 20 yuan/mt and a discount of 80 yuan/mt. Overnight copper prices saw a significant pullback, and downstream restocking sentiment slightly improved compared to the previous day. Suppliers continued to stand firm on quotes near parity. At the beginning of the session, mainstream quotes for standard-quality copper were at a discount of 30 yuan/mt to a discount of 10 yuan/mt, while high-quality copper was quoted at a discount of 10 yuan/mt to a premium of 10 yuan/mt. Some suppliers sold at lower prices but did not lead the market downward, as mainstream supply quotes remained firm. During the main trading session, standard-quality copper was transacted at a discount of 20 yuan/mt to a discount of 10 yuan/mt, while high-quality copper traded at a discount of 10 yuan/mt to a premium of 20 yuan/mt. Hydro copper was traded at around a discount of 80 yuan/mt. By 11:00 a.m., market quotes remained stable, with high-quality copper quotes staying elevated, and the price spread between imported non-registered cargoes and standard-quality copper continued to narrow. During the day, downstream orders showed some recovery, but finished product inventories at factories still needed to be cleared. Overall, spot trading sentiment only slightly improved. As the last trading day of the SHFE copper 2403 contract approaches, spot premiums are expected to fluctuate rangebound near parity.