Approaching the holiday, spot trading activity decreased, and SHFE copper spot premiums stabilized. [SMM Shanghai Spot Copper]

SMM September 29:

Today, SMM #1 copper cathode spot prices against the current month 2510 contract were reported at a discount of 60 yuan/mt to a premium of 50 yuan/mt, with the average price at a discount of 5 yuan/mt, unchanged from the previous trading day. SMM #1 copper cathode prices ranged from 82,010 to 82,410 yuan/mt. In early trading, SHFE copper surged to 82,380 yuan/mt, then briefly fell to 82,030 yuan/mt before rising again and fluctuating between 82,280 and 82,440 yuan/mt. The inter-month price spread was basically flat, and the import loss for the current month SHFE copper contract quickly narrowed to within 700 yuan/mt.

Intraday buying and selling sentiment both weakened, mainly due to the approaching National Day holiday and the end of the quarter, which led most enterprises to reduce shipments. Additionally, copper prices remained above 82,000 yuan/mt, continuing to suppress downstream purchases. In early trading, suppliers quoted standard-quality copper at a discount of 40 to 20 yuan/mt, which gradually traded, before the center shifted up to a discount of 50 yuan/mt after concentrated trading at a discount of 60 yuan/mt. SX-EW copper traded at a discount of 100 to 80 yuan/mt, while non-registered copper traded at a discount of 200 to 160 yuan/mt.

Looking ahead to tomorrow, the last trading day of September, trading activity for most enterprises is expected to decline, while the center of Shanghai spot copper premiums and discounts is anticipated to edge up slightly.