Spot Copper Prices Break Through and Rise in the Morning Market, Weekend Stocking Demand Not Evident [SMM Shanghai Spot Copper]

SMM March 14 News:

Today, #1 copper cathode spot prices against the SHFE 2503 contract were quoted at a discount of 10 yuan/mt to a premium of 50 yuan/mt, with an average premium of 20 yuan/mt, up 5 yuan/mt from the previous trading day. Standard-quality copper transaction prices were 79,740–80,080 yuan/mt, while high-quality copper transaction prices were 79,780–80,110 yuan/mt. The SHFE 2503 copper contract surged above 80,000 yuan/mt during the morning session and briefly tested 80,190 yuan/mt intraday. The price spread between the SHFE 2503 and 2504 contracts fluctuated between C50 and C110 yuan/mt.

Copper prices continued to rise during the day, and after breaking upward, market consumption remained sluggish. At the beginning of the session, suppliers quoted mainstream standard-quality copper at a discount of 10 yuan/mt to parity, and high-quality copper at a premium of 20–40 yuan/mt. Suppliers held a tight supply outlook for smelters in the future. During the main trading session, mainstream standard-quality copper was traded at a discount of 10 yuan/mt to a premium of 20 yuan/mt, while high-quality copper was traded at a premium of 30–50 yuan/mt. Hydro copper was in tight supply, with few offers heard. By 11 a.m., market quotations stabilized, and overall trading was muted, with no evident downstream restocking sentiment ahead of the weekend.

Recently, due to the continuous rise in copper prices, spot market consumption has been weak, with limited new orders and pressured purchase willingness downstream, leading to overall weak consumption. Next Monday marks the last trading day for the SHFE 2403 copper contract. Under expectations of significant price spread fluctuations, downstream consumption is unlikely to improve, and spot premiums are not expected to fluctuate significantly.