Domestic circulating supply in Shanghai is tight, and Shanghai spot copper premiums have risen [SMM Shanghai spot copper]

Published: Aug 11, 2025 11:48

Save

[SMM spot copper] Looking ahead to tomorrow, copper prices have once again touched 79,000 yuan/mt. The purchasing sentiment is low during the day, and suppliers are holding inventory under a Contango structure, refusing to budge on prices for sources with good liquidity. However, some suppliers with a need to unload goods are offering low-priced "supplies" to downstream buyers, leading to a large price spread between brands. It is expected that there will be limited downside room for a significant drop in spot premiums for SHFE copper tomorrow.

SMM News on August 11:

Today, SMM #1 copper cathode spot premiums against the August 2508 contract were reported at a premium of 70-230 yuan/mt, with an average premium of 150 yuan/mt, up 30 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged from 79,020 to 79,280 yuan/mt. Futures prices surged, rising from 78,800 yuan/mt in the morning to 79,000 yuan/mt, with the high reaching 79,100 yuan/mt during the morning trading session. The price spread between futures contracts shifted to a Contango structure, mainly fluctuating within a range of C40-C20 yuan/mt.

During the day, the price spreads among various brands widened again. Despite some domestic supply replenishment, it failed to meet the market's demand for a certain type of traded copper supply. During the main trading session, brands like Xiangguang, Lufang, and JCC were quoted at premiums of 130-150 yuan/mt. Due to the price spread structure, most suppliers were reluctant to sell, resulting in very few actual transactions. In the Changzhou region, the main trading premiums were 40-60 yuan/mt. High-quality copper supply was tight, with brands like Jinchuan quoted at a premium of 230 yuan/mt and Guixi at 260-300 yuan/mt, but actual trading volumes were low.

Looking ahead to tomorrow, with copper prices once again touching 79,000 yuan/mt, purchasing sentiment in Shanghai was low today, with a purchasing sentiment score of 3.16 and a selling sentiment score of 3.17. Historical data can be queried from the database. Suppliers are holding inventory under the Contango structure and maintaining a firm stance on prices for copper with good liquidity. Some suppliers with a need to sell are offering lower prices to downstream buyers, leading to large price spreads among brands. It is expected that there will be limited downside room for SHFE copper spot premiums 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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

10 hours ago

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

10 hours ago

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

10 hours ago

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

10 hours ago