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

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.