Sentiment dominated the decline of Shanghai spot copper, with low purchasing sentiment during the day [SMM Shanghai spot copper]

Published: Jul 11, 2025 12:24

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[SMM spot copper] Looking ahead to next week, with the widening of the price spread between futures contracts, suppliers will still focus on selling. Currently, the spot discounts make suppliers more inclined to deliver. It is expected that futures warrants will increase gradually next week.

SMM News on July 11:

Today, spot prices for SMM #1 copper cathode against the July 2507 contract were reported at discounts of 70 to premiums of 20 yuan/mt, with an average price of a discount of 25 yuan/mt, a decrease of 40 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged from 78,640 to 78,800 yuan/mt. In the morning session, SHFE copper briefly touched a high of 78,830 yuan/mt before starting to decline, with a notable sentiment of position reduction during the day, reaching a low of 78,560 yuan/mt in the morning trading session. The BACK price spread between futures contracts continued to narrow, with arbitrageurs clearly closing their positions.

As the delivery date approaches, suppliers have relatively abundant supplies in hand and, amid a widening price spread between futures contracts, all hope to sell their goods for cash. During the morning trading session, the mainstream quotes for standard-quality copper slid from parity to below a discount of 50 yuan/mt. There were also discounted supplies for high-quality copper. Prices for non-registered copper and other types did not continue to decline, staying around a discount of 200 yuan/mt.

Looking ahead to next week, amid a widening price spread between futures contracts, suppliers will still focus on selling their goods. Currently, the spot discounts make suppliers more inclined towards delivery, and it is expected that futures warrants will gradually increase next week.

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