On the last trading day, both procurement and sales sentiment for SHFE copper weakened, with spot prices opening high and closing low. [SMM Shanghai Spot Copper]

SMM September 15:

       Today, SMM's spot prices of #1 copper cathode against the front-month 2509 contract were reported at a premium of 20 yuan/mt to a premium of 140 yuan/mt, with the average premium at 80 yuan/mt, down 5 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged from 80,780 to 81,100 yuan/mt. In early trading, the SHFE copper 2509 and 2510 contracts continued to show strong gains. The SHFE copper 2509 contract mainly traded between 80,750 and 80,970 yuan/mt, while the SHFE copper 2510 contract mainly traded between 80,720 and 80,940 yuan/mt. According to SMM's price assessment methodology for #1 copper cathode, SMM always quotes against the front-month contract. The inter-month price spread fluctuated mainly between a backwardation of 20 and 50 yuan/mt.

       As it was the last trading day, both purchasing and selling sentiment in the market decreased. The purchasing sentiment for copper cathode in the Shanghai region was 3.12, and the selling sentiment was 3.15. During the day, most enterprises began quoting against the SHFE copper 2510 contract. Peruvian copper was traded at a premium of 120 yuan/mt, while copper from Japan and South Korea was traded at around a premium of 40 yuan/mt. Domestic brands such as Zhongtiaoshan PC and Tiefeng were traded at a premium of about 40 yuan/mt, after which no circulating supply remained. SX-EW copper such as Spence was traded at a discount of 40 yuan/mt, and non-registered sources were traded at a discount of 80 yuan/mt.

       Looking ahead to tomorrow, with more warrants in Guangdong and Jiangsu regions and imported copper still supplementing supply in Shanghai, though domestic warrants and spot cargo are limited, spot premiums are expected to open high and move lower.