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

Published: Apr 22, 2025 11:34

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【SMM Spot Copper】 Copper prices returned to 77,000 yuan/mt. The spot market did not appear sluggish 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 meeting tomorrow.

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.

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