The price spread between futures contracts narrows as the half-year approaches its end; Shanghai spot copper opens lower and closes higher [SMM Shanghai spot copper]

Published: Jun 26, 2025 12:00

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[SMM spot copper] Looking ahead to tomorrow, the supply of spot copper is expected to be tight, with smelters increasing their export efforts. Domestic supply in areas such as Changzhou is expected to be tight, and the premium is expected to rise steadily.

SMM News on June 26:

Today, SMM #1 copper cathode spot premiums against the July 2507 contract were reported at a premium of 30-100 yuan/mt, with an average premium of 65 yuan/mt, up 35 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged from 78,810 to 79,070 yuan/mt. In the morning session, the SHFE copper 2507 contract touched 78,770 yuan/mt multiple times and surged above 78,900 yuan/mt after the second trading period. The BACK spread between consecutive months continued to narrow, with an intra-day spread of only 100-120 yuan/mt.

Intra-day, SHFE copper spot premiums opened low and then rose sharply, with spot premiums surging after 10 a.m. Initially, suppliers' tentative offers at a premium of 10-30 yuan/mt were quickly snapped up. Subsequently, shipments from Japan and South Korea, Dajiang HS, and Zijin were quickly traded at premiums of 40-50 yuan/mt. It was still difficult to find shipments at mainstream parity premiums or above 60 yuan/mt. Suppliers' willingness to sell decreased as they waited for premiums to rise after stocking up at lower prices yesterday.

Looking ahead to tomorrow, spot shipments are expected to be tight, and with smelters increasing export efforts, domestic supply in places like Changzhou is expected to remain tight. Premiums are expected to rise steadily.

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