Futures copper rose, spot copper tightened. SHFE copper suppliers stood firm on quotes for shipments. [SMM Shanghai spot copper]

SMM reported on April 22: Today, the spot prices of SMM #1 copper cathode against the SHFE copper 2505 contract were at a premium of 160-200 yuan/mt, with an average premium of 180 yuan/mt, up by 5 yuan/mt from the previous trading day. The price of SMM #1 copper cathode ranged from 77,060 to 77,330 yuan/mt. In the morning session, the SHFE copper 2505 contract mainly fluctuated between 76,900 and 77,140 yuan/mt. After the futures market surged to 77,000 yuan/mt, some downstream buyers showed a sentiment of rushing to buy amid continuous price rise but intended to drive down the spot premiums/discounts. However, spot supply was tight, and suppliers were reluctant to offer significant discounts, maintaining a slight upward trend. The trading activity during the day decreased compared to yesterday, mainly because SMM held a copper industry summit, and most traders were concentrated on-site, with suppliers standing firm on quotes. At the beginning of the morning session, standard-quality copper with a premium of 150 yuan/mt was quickly snapped up. After a small amount of low-priced goods were sold out, the mainstream quotations for standard-quality copper were at a premium of 160-180 yuan/mt. High-quality copper, such as Jinchuan (plate), was traded at a premium of 170 yuan/mt, and the mainstream quotations rose to 180-200 yuan/mt. In Jiangsu, there were a few low-priced goods, such as Honglu, with premiums of 130-140 yuan/mt, and downstream purchasing sentiment was moderate. Copper prices returned to 77,000 yuan/mt, and the spot market did not show a lull due to the rush for exports and stockpiling for the May Day holiday. It is expected that spot quotations will remain firm during the SMM conference tomorrow.