Sentiment in sales weakens, but market refuses to budge on prices, forcing SHFE copper spot premiums to rise [SMM Shanghai spot copper]

Published: Jul 30, 2025 13:27

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[SMM spot copper] Supplier sentiment for shipping goods at month-end further declined. The sentiment for spot sales of copper cathode in the Shanghai area decreased by 0.04 from yesterday to 3.18. Limited available supply in the market drove up spot premiums for SHFE copper, and it is expected to remain firm tomorrow.

SMM reported on July 30:

Today, the spot premium for SMM #1 copper cathode against the August 2508 contract was reported at a range of 130-200 yuan/mt, with an average premium of 165 yuan/mt, up 55 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged from 79,200 to 79,370 yuan/mt. In the early morning session, the SHFE copper 2508 contract fluctuated between 79,040 and 79,130 yuan/mt before rising to 79,180 yuan/mt. After 11 a.m., the futures market quickly fell to 79,010 yuan/mt. The Contango price spread between futures contracts for the next month fluctuated within a range of C40-C10 yuan/mt.

During the day, the brand price spread widened again. The circulation of mainstream standard-quality copper was limited, and the tight supply pushed premiums higher. After the mainstream standard-quality copper with premiums of 130-150 yuan/mt was bought up, premiums rose to around 170 yuan/mt. High-quality copper had premiums of 180 yuan/mt, with a small amount of low-priced supply (such as 100 mt) having premiums of 160 yuan/mt. SX-EW copper, such as that from Myanmar, had premiums of 20-40 yuan/mt.

As month-end approached, suppliers' willingness to sell decreased further. In Shanghai, the sentiment for copper cathode spot sales fell by 0.04 to 3.18 from yesterday. Limited market circulation pushed spot premiums for SHFE copper higher, and it is expected that they will remain firm tomorrow.

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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