On the first day of July, both the premium and the price spread between futures contracts rose, while the trading performance of Shanghai spot copper remained stagnant [SMM Shanghai spot copper]

Published: Jul 1, 2025 12:24

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[SMM spot copper] Looking ahead to tomorrow, the widening of the price spread between futures contracts is expected to partially suppress the premium. However, with copper prices hovering around the 80,000 yuan/mt threshold, market purchasing sentiment remains low. Nevertheless, trading volumes in both the trade and speculative markets are expected to improve.

SMM News on July 1:

Today, spot prices of SMM #1 copper cathode against the SHFE copper 2507 contract are reported at a premium of 150-250 yuan/mt, with an average premium of 200 yuan/mt, up 70 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranges from 80,120 to 80,290 yuan/mt. In the morning session, the SHFE copper 2507 contract fell rapidly from 80,100 yuan/mt to a low of 79,950 yuan/mt, before rebounding to 80,040 yuan/mt near the morning close. The BACK price spread between futures contracts for the next month widened to 250 yuan/mt during the morning trading session.

On the first trading day of H2, suppliers actively refused to budge on prices. In the early morning session, mainstream standard-quality copper was quoted at a premium of 240-280 yuan/mt, and high-quality copper at a premium of 280-300 yuan/mt, with few transactions occurring due to the high quotes. Subsequently, due to tight supply in Jiangsu, transactions were first concluded at a premium of around 200 yuan/mt in Jiangsu. In Shanghai, mainstream standard-quality copper fell to a premium of around 180 yuan/mt, with a few suppliers quoting at a premium of 150 yuan/mt. Imported brands such as Jinguang, Jintun, and Tiefeng were quoted at a premium of 100-120 yuan/mt.

Looking ahead to tomorrow, the widening price spread between futures contracts is expected to partially suppress premiums. However, with copper prices hovering around the 80,000 yuan/mt threshold, market purchasing sentiment is expected to remain low, but transactions in the trade and speculative markets are expected to improve.

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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