Low imported copper prices attract buying interest, while limited domestic supply keeps premiums firm [SMM Shanghai spot copper]

SMM News on August 7:

       Today, SMM #1 copper cathode spot premiums against the August 2508 contract were reported at a premium of 70-150 yuan/mt, with an average premium of 110 yuan/mt, up 10 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged from 78,410 to 78,590 yuan/mt. In the morning session, the SHFE copper 2508 contract gradually rose from 78,350 yuan/mt to 78,450 yuan/mt but did not sustain the upward trend. The inter-month price spread showed a C10-B10 yuan/mt.

       During the day, the supply of domestic copper from suppliers decreased. In Changzhou, transactions were made at a premium of 30-50 yuan/mt. In Shanghai, the circulation of mainstream domestic copper supply tightened again, with premiums of 70-100 yuan/mt. The supply of high-quality copper was tight, with few quotes from Guixi. Jinchuan (plate) was traded at a premium of 130-150 yuan/mt. Non-registered copper was traded at a discount of 80-40 yuan/mt.

       Inventory slightly decreased during the week, mainly due to the low-priced digestion of imported copper and limited domestic replenishment. It is expected that spot premiums will remain firm tomorrow.