The destocking of copper cathode inventories was significant, and the spot premiums for Shanghai spot copper remained firm. [SMM Shanghai Spot Copper Weekly Review]

Published: Apr 25, 2025 15:29

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During the week, copper prices gradually rose from 76,000 yuan/mt to 78,000 yuan/mt. At the beginning of the week, downstream buyers exhibited a sentiment of rushing to buy amid continuous price rise. With domestic inventory continuing destocking and limited import replenishment, traders drove up premiums, prompting active purchasing by downstream buyers. In the latter half of the week, copper prices stabilized around 78,000 yuan/mt, and the price spread between futures contracts expanded to over 200 yuan/mt. Some suppliers, motivated by arbitrage profits, showed a willingness to sell at lower prices, causing premiums to slightly decline. Looking ahead to next week, with only three trading days, suppliers' purchase costs are expected to remain around a premium of 150 yuan/mt. Premiums are anticipated to rise above 200 yuan/mt before the Labour Day holiday.

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