Copper prices continued to decline, consumption rebounded, downstream procurement increased, and spot premiums rose again [SMM Shanghai spot copper].

Published: Mar 28, 2025 13:31

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【SMM Spot Copper】During the day, mainstream standard-quality copper was quoted at a discount of 30 yuan/mt to parity against the front-month contract, while high-quality copper was quoted at parity to a premium of 20 yuan/mt. Downstream orders increased significantly during the day, boosting sentiment for weekend inventory restocking. Although overall finished product inventories at some processing enterprises remained high and difficult to reduce, this round of copper price retreat still provided a floor for subsequent production. Spot premiums are expected to slightly recover next week with the return of transactions for cargoes with invoices dated this month.

SMM March 28 News: Today, spot prices of #1 copper cathode against the SHFE copper 2504 contract were reported at a discount of 30-25 yuan/mt, with an average discount of 5 yuan/mt, up 25 yuan/mt from the previous trading day. Standard-quality copper traded at 80,490-80,700 yuan/mt, while high-quality copper traded at 80,520-80,720 yuan/mt. The SHFE copper 2504 contract fluctuated slightly downward in the early session, opening at 80,820 yuan/mt and then slowly declining below 80,500 yuan/mt. The price spread between the SHFE copper 2504 and 2505 contracts fluctuated between Contango 10 and Back 40 yuan/mt.

In the past two days, copper prices experienced a significant pullback, prompting downstream buyers to increase their purchases at lower prices, with weekend restocking demand noticeably improving. At the opening, suppliers quoted standard-quality copper against next month's invoices at a discount of 30 yuan/mt to parity, while high-quality copper against next month's invoices was quoted at a discount of 10 yuan/mt to a premium of 20 yuan/mt. Downstream buyers' willingness to fix prices improved significantly compared to before, with frequent transactions occurring before the main trading session. During the main trading session, standard-quality copper against next month's invoices traded at a discount of 20 yuan/mt to parity, while high-quality copper against next month's invoices traded at a premium of 10-20 yuan/mt. SX-EW copper against next month's invoices was quoted at a discount of 80 yuan/mt with no significant fluctuations. Spot premiums stabilized before 11:00 AM.

Intraday downstream orders increased significantly, driving improved sentiment for weekend restocking. Although overall finished product inventories at some processing enterprises remained high, this round of copper price pullback still provided a floor for subsequent production. Spot premiums are expected to slightly recover next week as trading returns to this month's invoices.

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