Today, spot #1 copper cathode in North China was on par with to at a premium of 100 yuan/mt against the front-month contract, with an average premium of 50 yuan/mt, up 20 yuan/mt from the previous trading day. The transaction prices ranged from 77,870 to 78,130 yuan/mt, with an average price of 78,000 yuan/mt, up 300 yuan/mt from the previous trading day.

Overnight, LME copper opened at $9,500.5/mt. After fluctuating higher in early trading, it pulled back and touched a low of $9,495/mt.

[SMM Morning Meeting Summary: Favourable Macro Front in China Implemented, Copper Prices Struggle to Rise] On May 19, spot prices of SMM #1 copper cathode against the 2506 contract for the current month were reported at a premium of 410-470 yuan/mt, with an average premium of 440 yuan/mt, down 5 yuan/mt WoW. As a significant number of delivery warrants have yet to be released, the supply of spot cargo in the market remains tight, and suppliers are less willing to sell mainstream standard-quality copper at low prices...

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 19 May, 2025