Both purchasing and sales sentiments have risen, with Shanghai spot copper premiums stabilizing at over 100 yuan per mt [SMM Shanghai spot copper]

Published: Aug 14, 2025 11:59

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[SMM spot copper] Tomorrow is the last trading day for the SHFE copper 2508 contract. It is expected that the sentiment of suppliers to sell will decrease, but as it is Friday, some downstream buyers have just-in-time procurement needs. Therefore, spot premiums are expected to remain firm tomorrow.

SMM News on August 14:

Today, SMM #1 copper cathode spot prices against the August 2508 contract were reported at premiums of 140-280 yuan/mt, with an average premium of 210 yuan/mt, up 10 yuan/mt from the previous trading day. The SMM #1 copper cathode price range was 79,320-79,550 yuan/mt. In the morning session, the SHFE copper 2508 contract jumped initially and then pulled back, briefly touching 79,330 yuan/mt from around 79,200 yuan/mt before continuing to fall to 79,110 yuan/mt. As the delivery date approaches, the price spread between futures contracts for different months tends to flatten, with fluctuations ranging from a discount of 10 yuan/mt to a premium of 10 yuan/mt during the morning trading session.

Although there was some supplementary imported supply during the day, domestic supply remained tight. Additionally, due to recent policy adjustments regarding copper scrap, its supply was also relatively tight, which was favorable for copper cathode consumption. Both purchasing and selling sentiments in the Shanghai region rose during the day; the purchasing sentiment for copper cathode was 3.22, and the selling sentiment was 3.21. At the beginning of the trading session, suppliers gradually closed deals by offering premiums of 90-100 yuan/mt for brands like Tiefeng and Zhongtiaoshan PC. After entering the second trading session, the number of offers decreased, and supplies from countries like South Korea were offered at premiums of 130 yuan/mt. The quotes for mainstream standard-quality copper brands like Xiangguang, Lufang, and JCC in the day's trade changed little compared to yesterday, with transactions closing around premiums of 160 yuan/mt. Due to the non-arrival of supplies from Jinchuan and Guixi, the quotes for high-quality copper remained high. Moreover, after the "flash" appearance of CCC-P yesterday, there were no more quotes today. Non-registered supplies were traded close to parity during the day, while registered SX-EW brands like Spence were popular, with premiums rising from 40 yuan/mt to 60 yuan/mt.

Tomorrow is the last trading day for the SHFE copper 2508 contract. It is expected that suppliers' willingness to sell will decrease, but as it is Friday, some downstream consumers have just-in-time procurement needs. Therefore, it is expected that spot premiums will remain firm tomorrow.

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