Sentiment for shipping on the last trading day weakened, with spot prices against the next-month contract quoted high but traded low [SMM Shanghai spot copper]

Published: Jun 16, 2025 12:55

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[SMM Spot Copper] Due to contract rollover during the day, most suppliers were reluctant to sell at low prices, and sales sentiment declined. Over the weekend, several thousand mt of Russian copper arrived, with spot premiums of 100-120 yuan/mt. It is expected that spot premiums will start above 200 yuan/mt tomorrow.

SMM News on June 16:

Today, spot prices for SMM #1 copper cathode against the front-month 2506 contract were quoted at a discount of 20 to a premium of 80 yuan/mt, with an average quoted premium of 30 yuan/mt, up 30 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged from 78,490 to 78,800 yuan/mt. In the morning session, the SHFE copper 2506 contract dipped to 78,430 yuan/mt before rallying, trading above 78,730 yuan/mt after 11 a.m. The SHFE copper 2507 contract briefly touched 78,160 yuan/mt before continuing to rise above 78,500 yuan/mt. Today marked the last trading day for the SHFE copper 2506 contract, and according to SMM's #1 copper cathode methodology, quotes were still made against the front-month contract. During the morning trading session, the BACK price spread between futures contracts for the next month fluctuated mainly within 250-280 yuan/mt.

In the morning session, suppliers quoted a premium of around 200 yuan/mt for Tiefeng copper, which was snapped up by the market instantly. Subsequently, market supplies were quoted at premiums of 230-280 yuan/mt. High-quality copper supplies remained tight, with premiums of 330-350 yuan/mt. BMK, BOR, etc., were quoted at premiums of 160-180 yuan/mt. The market primarily quoted against the SHFE copper 2507 contract today.

Due to contract rollover today, most suppliers were unwilling to sell at low prices, and selling sentiment declined. Over the weekend, several thousand tons of Russian copper arrived, with transactions made at premiums of 100-120 yuan/mt. It is expected that spot premiums will start above 200 yuan/mt tomorrow.

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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