Copper prices rose in July, with Shanghai spot copper premiums reported high but declining [SMM Weekly Review of Shanghai Spot Copper]

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       This week, spot premiums for copper initially jumped and then pulled back. At the beginning of the week, due to suppliers refusing to budge on prices, premiums once reached 240-280 yuan/mt. However, as copper prices continued to rise, downstream purchase willingness declined, leading to a gradual decrease in premiums to 60-80 yuan/mt. The high copper prices suppressed downstream consumption, and the impact of tight supply in the Jiangsu region on the Shanghai region was limited. This week, inventories in the Shanghai region increased by 3,000 mt to 92,300 mt, mainly due to an increase in imported copper arrivals. It is expected that under the pressure of high copper prices and increasing inventories next week, spot premiums will continue to be suppressed. However, the price spread between futures contracts did not continue to widen, and the room for premium decreases is limited.

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