Tight supply drove up transaction prices, narrowing the price spread of spot copper cathode between Shanghai and Guangdong. [SMM Shanghai Spot Copper]

Published: Apr 18, 2025 12:38

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【SMM Spot Copper】Copper prices stabilized above 76,000 yuan/mt, but recent market arrivals were limited, with only a small amount of imported copper replenishment. Against the backdrop of active shipments, inventory continued to decline. The spot premium for SHFE copper followed the trend in South China, and the Shanghai-Guangdong price spread narrowed significantly to within 30 yuan/mt during the day. Looking ahead to next week, SMM is expected to hold a copper industry conference, and it is anticipated that the number of shippers will decrease. However, coinciding with the peak period for long-term contract deliveries, spot premiums are expected to continue rising.

SMM April 18 News: Today, SMM #1 copper cathode spot prices against the SHFE copper 2505 contract were reported at a premium of 100-160 yuan/mt, with an average premium of 130 yuan/mt, up 55 yuan/mt from the previous trading day. The price of SMM #1 copper cathode ranged from 76,220 to 76,400 yuan/mt. In the early morning, the SHFE copper 2505 contract weakened from 76,300 yuan/mt, then fluctuated within the range of 76,100-76,250 yuan/mt, and closed at 76,140 yuan/mt. The price spread between futures contracts for the nearby month mainly fluctuated between 100-120 yuan/mt, while the price spread between the SHFE copper 2505 and SHFE copper 2508 contracts widened to 340 yuan/mt. The import loss for SHFE copper continued to widen to 605.44 yuan/mt.

During the day, spot transactions gradually rose, and after low-priced goods were absorbed, the market supply became tight, leading to significantly higher quotes compared to the early morning. Initially, suppliers quoted standard-quality copper at a premium of 80-100 yuan/mt, with some warrants from Honglu and Zijin quickly traded at a premium of 60-80 yuan/mt. Subsequently, standard-quality copper was quoted at a premium of 100-120 yuan/mt, and high-quality copper such as Jinchuan (plate) was traded at a premium of 120 yuan/mt before supply tightened, then rose to a premium of 140-160 yuan/mt. Guixi was traded at a premium of 150 yuan/mt. Non-registered goods were traded at parity to a premium of 30 yuan/mt, while SX-EW supply was tight, with the expected transaction price range around a premium of 50 yuan/mt.

Copper prices stabilized above 76,000 yuan/mt, but recent market arrivals were limited, and imported copper only saw a small supplement. With active sales, inventory continued to decline. Shanghai spot copper premiums followed the trend in South China, and the Shanghai-Guangdong price spread narrowed significantly to within 30 yuan/mt during the day. Looking ahead to next week, SMM is expected to hold a copper industry conference, and suppliers are anticipated to decrease, but coinciding with the long-term contract delivery period, spot premiums are expected to continue rising.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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