Concentrated arrivals of imported copper suppressed the premium of SHFE copper, with no improvement expected tomorrow [SMM Shanghai spot copper]

Published: Sep 4, 2025 15:08

Save

[SMM Shanghai Spot Copper] Copper prices around 80,000 yuan/mt are expected to suppress downstream procurement tomorrow. However, as it will be Friday, downstream stocking sentiment is likely to rise, which is expected to limit the decline in premiums.

SMM September 3 news:

Today, SMM #1 copper cathode spot prices against the SHFE copper 2509 contract were quoted at a premium of 60-300 yuan/mt, with the average premium at 180 yuan/mt, down 10 yuan/mt from the previous trading day. SMM #1 copper cathode prices ranged between 79,950-80,430 yuan/mt. In early trading, SHFE copper prices continued to decline from around 80,210 yuan/mt, touching 79,720 yuan/mt near the morning close. The inter-month price spread stood at BACK 20-40 yuan/mt, while import losses for the SHFE copper current-month contract remained between 300-400 yuan/mt.

Intraday purchasing sentiment remained weak, though sales sentiment improved slightly due to concentrated arrivals of imported cargoes. Purchasing sentiment for copper cathode in Shanghai was recorded at 3.11, while sales sentiment reached 3.18 (historical data available in the database). Mainstream transactions saw premiums drop from 120 yuan/mt to 80 yuan/mt during the day. In Jiangsu, premiums were pressured down from 60 yuan/mt to 20-40 yuan/mt, while unlocked bonded cargoes such as Jinfeng arriving in Shanghai traded at premiums of 20-30 yuan/mt. African and KAZ Minerals-origin cargoes saw better sales, attracting downstream purchases due to concentrated arrivals and lower prices.

Looking ahead, copper prices around 80,000 yuan/mt may continue to suppress downstream purchases, but stockpiling demand ahead of Friday is expected to limit the downside in premiums.

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

15 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

15 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.

15 hours ago

16 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."

16 hours ago