Suppliers quoted higher premiums but transactions were flat, pre-holiday stocking demand has not yet emerged. [SMM Shanghai Spot Copper]

SMM April 1 News: Today, spot prices of #1 copper cathode against the SHFE copper 2504 contract were quoted at a premium of 10-50 yuan/mt, with an average premium of 30 yuan/mt, up 20 yuan/mt from the previous trading day. The transaction prices of standard-quality copper ranged from 79,870 to 80,220 yuan/mt, while those of high-quality copper ranged from 79,890 to 80,240 yuan/mt. The SHFE copper 2504 contract rose rapidly from 79,690 yuan/mt in the morning session, reaching a high of 80,210 yuan/mt before fluctuating around 80,000 yuan/mt. The price spread between the SHFE copper 2504 and 2505 contracts fluctuated between Contango 10 and BACK 30 yuan/mt. In the morning session, premiums were quoted high, but downstream purchase willingness was weak, resulting in flat market transactions. At the beginning of the session, suppliers quoted mainstream standard-quality copper at a premium of 10-30 yuan/mt, while high-quality copper was quoted at a premium of 30-50 yuan/mt. Market transactions were sluggish, with a small amount of cargo traded at a discount, and most suppliers chose to sell at the average price, as downstream purchase willingness remained weak. During the main trading session, mainstream standard-quality copper was traded at a premium of 10-30 yuan/mt, while high-quality copper was traded at a premium of 30-50 yuan/mt. Non-registered cargo was traded at a discount of 80-50 yuan/mt. By 11:00 AM, spot premiums stabilized. The morning session saw no significant improvement in market transactions, with the rise in premiums mainly due to downstream suppliers standing firm on quotes. Before the morning close, some downstream buyers actively bargained, leading to a slight decline in the transaction center. The pre-holiday stockpiling demand for the upcoming Qingming Festival is expected to push up spot premiums in actual transactions.