Copper Prices Break Through the 80,000 Mark, While Spot Discounts Narrow Continuously as Delivery Approaches [SMM SHFE Copper Spot Weekly Review]

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       Throughout the week, the center of copper prices continued to rise, finally breaking through the 80,000 yuan/mt mark on Friday. During the week, inventory in the Shanghai region showed a slight buildup. As of Thursday, according to SMM data, inventory in the Shanghai region increased by 500 mt compared to Monday. The Contango price spread between SHFE copper 2503 and 2504 contracts expanded again to around 100 yuan/mt. Suppliers stood firm on quotes for spot premiums and discounts, but transactions were weak under high copper prices, and SHFE copper futures warrants continued to increase. Looking ahead to next week, imported copper arrivals in late March are expected to be limited, and smelter shipments to the east China region will remain scarce. It is expected that after entering trading for the SHFE copper 2504 contract, spot suppliers will tentatively quote starting from a discount of 50 yuan/mt, and subsequent spot discounts will gradually narrow, approaching parity prices again.

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