On June 20, [LME0-3 copper] backwardation was $274.99/mt, with open

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NewsFlash / Copper / LME Cash-3M Backwardation/Contango and Open Interest Changes

LME Cash-3M Backwardation/Contango and Open Interest Changes

Jun 23, 2025 09:09

Source:SMM

On June 20, [LME0-3 copper] backwardation was $274.99/mt, with open interest decreasing by 1,075 lots to 288,717 lots. On June 20, [LME0-3 aluminum] backwardation was $11.16/mt, with open interest decreasing by 669 lots to 693,554 lots. On June 20, [LME0-3 lead] contango was $28.49/mt, with open interest increasing by 515 lots to 154,029 lots. On June 20, [LME0-3 zinc] contango was $24.65/mt, with open interest increasing by 1,564 lots to 207,970 lots. On June 20, [LME0-3 tin] backwardation was $80.99/mt, with open interest increasing by 18 lots to 20,827 lots. On June 20, [LME0-3 nickel] contango was $192.86/mt, with open interest increasing by 1,580 lots to 227,415 lots.

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Jun 24, 2025 14:03

Selected News

China's imports of EQ copper cathode have decreased!

Customs data shows that in May, both the volume and proportion of China's imports of copper cathode from countries that mainly produce non-registered copper cathode declined. The volume and proportion were 15.52 and 61.33%, respectively; this proportion is the lowest from January to May 2025.

Jun 24, 2025 11:46

Analysis

China's imports of EQ copper cathode have decreased!

Inventory Ends Five Consecutive Declines with a Significant Increase; Spot Premiums Fall Under Pressure [SMM Spot Copper in South China]

Jun 24, 2025 11:35

Selected News

Both supply and demand in the market are weak, with sluggish spot cargo trading activity [spot copper in North China, SMM]

Today, spot #1 copper cathode in North China traded at a discount of 200 yuan/mt to 140 yuan/mt against the front-month contract, with an average discount of 170 yuan/mt, a decrease of 20 yuan/mt from the previous trading day. The transaction prices ranged from 78,120 yuan/mt to 78,290 yuan/mt, with an average price of 78,205 yuan/mt, an increase of 120 yuan/mt from the previous trading day.

Jun 24, 2025 11:10

Selected News

Copper Cathode Rod Exports Hit New High in May, But Expected to Decline in June [SMM Analysis]

Copper Cathode Rod Exports Hit New High in May, But Expected to Decline in June [SMM Analysis]: In May, copper cathode rod exports increased as expected, with exports mainly concentrated in Southeast Asian countries, as well as Saudi Arabia, South Korea, etc. However, due to weak end-use demand in June, exports are expected to decline. Details are as follows:

Jun 24, 2025 10:31

Analysis Exclusive Industry

Copper Cathode Rod Exports Hit New High in May, But Expected to Decline in June [SMM Analysis]

Peru Extends "One-Time" Temporary Licenses for Informal Mining Until Year-End

Jun 24, 2025 09:50

Selected News

Mexico will not approve new mining concessions

Jun 24, 2025 09:49

Selected News

SMM Morning Comment For SHFE Base Metals (Jun 24)

Overnight, LME copper opened at $9,643.5/mt, dipping to a low of $9,615.0/mt and peaking at $9,697.0/mt, before closing at $9,694.5/mt, up 0.35%.

Jun 24, 2025 09:39

Industry

Expectations for US Fed Interest Rate Cut Heat Up, Copper Prices Have Strong Support at the Bottom [SMM Copper Morning Meeting Summary]

[SMM Morning Meeting Summary: Expectations for US Fed Interest Rate Cut Heat Up, Copper Prices Have Strong Support at the Bottom] On June 23, spot prices for SMM #1 copper cathode against the 2507 contract for the current month were reported at premiums of 60-120 yuan/mt, with an average premium of 90 yuan/mt, down 30 yuan/mt from the previous trading day. Looking ahead today, the significant decrease in inventory in the Shanghai region over the weekend was mainly due to the gradual outflow of delivery warrants. However, there is still pressure on the market to sell and receive payments today, and spot premiums are expected to decline further...

Jun 24, 2025 09:26

Selected News

US Fed officials strengthen expectations for an interest rate cut in July, with copper prices fluctuating upward overnight and closing higher [SMM Copper Morning Comment]

[US Fed Officials Strengthen Expectations for July Interest Rate Cut; Copper Prices Fluctuate Upward and Close Higher Overnight] On the macro side, US Fed officials Bowman and Goolsbee both hinted that if inflationary pressures are brought under control, they will support an interest rate cut in July. Goolsbee claimed that since Trump imposed tariffs on April 2, there has been a lack of significant inflationary pressures, which may enable the US Fed to resume interest rate cuts. Bowman stated that if inflation remains mild, she will support an interest rate cut in July. The US dollar index has been declining, supporting copper prices.

Jun 24, 2025 08:46

Selected News

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