Destocking of copper cathode was significant over the weekend, with Shanghai spot copper premiums remaining firm [SMM Shanghai spot copper]

Published: Apr 28, 2025 14:13

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[SMM Spot Copper] According to SMM data, over the weekend, copper cathode inventories in the Shanghai region decreased by 15,800 mt to 112,000 mt. The continuous destocking in the Shanghai region has kept Shanghai spot copper premiums firm. Moreover, as the Labour Day holiday approaches, downstream procurement sentiment remains moderate, leading to consecutive destocking at warehouses. Without significant import replenishment, copper inventories are expected to continue declining before the holiday.

SMM News on April 28:

Today, SMM #1 copper cathode spot premiums against the May 2025 contract (2505) were reported at a range of RMB 150-210/mt, with an average premium of RMB 180/mt, unchanged from the previous trading day. The SMM #1 copper cathode price was RMB 77,440-77,690/mt. In the morning session, the SHFE copper 2505 contract reached RMB 77,700/mt before pulling back, hitting a low near RMB 77,260/mt around 10:00 a.m., and gradually recovering towards RMB 77,500/mt by around 11:00 a.m. The SHFE copper BACK spread between consecutive months fluctuated within RMB 230-270/mt.

Spot trading sentiment remained active during the day. As the Labour Day holiday approached, the slight decline in futures prices encouraged downstream buyers to actively pick up goods. Suppliers' selling prices remained unchanged from last week, with a higher trading volume for a small amount of low-priced cargoes. During the first trading session, high-quality copper carried premiums of RMB 200-240/mt for cargoes with invoices dated next month, while standard-quality copper carried premiums of RMB 180-200/mt for cargoes with invoices dated next month. There was no shortage of invoices in the market this month, with a difference of RMB 20-30/mt between cargoes with invoices dated this month and next month. During the main trading session, price reductions by suppliers led to a surge in trading. High-quality copper was traded at premiums of RMB 180-200/mt, while standard-quality copper was traded at premiums of RMB 150-180/mt. Warrants from Honglu and others were actively purchased at premiums of RMB 130-140/mt. Non-registered cargoes carried premiums of RMB 50-80/mt, with downstream buyers continuing to bargain down purchasing prices.

According to SMM data, Shanghai's copper cathode inventory decreased by 15,800 mt over the weekend to 112,000 mt. The continuous destocking in Shanghai has kept Shanghai spot copper premiums firm. Additionally, as the Labour Day holiday approaches, downstream buying sentiment remains moderate, leading to continuous destocking at warehouses. Without significant import replenishment, inventory is expected to continue declining before the holiday.

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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