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

Published: Mar 11, 2025 13:24

Save

[SMM Spot Copper] During the day, mainstream standard-quality copper was quoted at a discount of 20 yuan/mt to on-par prices against the front-month contract, while high-quality copper was quoted at on-par prices to a premium of 20 yuan/mt. Downstream orders slightly improved during the day, but finished product inventories at plants still need to be cleared, and sentiment in spot trades remained weak. As the last trading day of the SHFE copper 2403 contract approaches, spot premiums are expected to fluctuate rangebound around parity.

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.

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 to learn 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

11 hours ago

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

11 hours ago

12 hours ago

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

12 hours ago

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

12 hours ago