The price spread between futures contracts first widened and then narrowed. Shanghai spot copper against the next-month quote is expected to move downwards after a higher opening [SMM Weekly Review of Shanghai Spot Copper]

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       This week, the SHFE copper 2505 contract underwent contract rollover and delivery, with the discount of spot copper against the SHFE copper 2505 contract continuing to widen. This week, copper prices surged, and the calendar spread (BACK) between consecutive months rose above 500 yuan/mt before delivery and then began to narrow. On the last trading day and the day before, copper futures warrants increased significantly, sufficient to match the delivery. The market offered a premium of over 400 yuan/mt against the SHFE copper 2506 contract, but due to the excessive number of delivery warrants, it is expected that the release of these warrants starting next week will significantly suppress the premium. It is anticipated that the premium of spot copper against the SHFE copper 2506 contract will start to pull back from 400 yuan/mt next week.

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