The last trading day for the SHFE copper 2510 contract saw both procurement and sales sentiment weaken. [SMM Shanghai spot copper]

SMM October 15 News:

Today, SMM #1 copper cathode spot prices against the front-month 2510 contract were quoted at parity to a premium of 180 yuan/mt, with an average premium of 90 yuan/mt, up 40 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged from 84,950 to 85,520 yuan/mt. In the morning session, the SHFE copper 2510 contract mainly fluctuated between 84,920 and 85,390 yuan/mt, while the SHFE copper 2511 contract moved between 84,950 and 85,420 yuan/mt. SMM consistently quotes against the front-month contract, with the price spread between futures contracts fluctuating between Contango 80 and backwardation 10 yuan/mt during the trading session.

Intraday buying and selling sentiment both declined, mainly due to suppliers' reduced willingness to sell on the last trading day and weak downstream purchasing interest. The purchasing sentiment for copper cathode in the Shanghai region was 2.97, while the selling sentiment was 3.05.Historical data can be queried in the database.In the morning session, the market primarily quoted against the SHFE copper 2511 contract. Standard-quality copper was quoted at parity to a premium of 60 yuan/mt, while high-quality copper traded at a premium of 80 to 100 yuan/mt. Converted based on the price spread between futures contracts, SMM #1 copper cathode prices against the SHFE copper 2510 contract were quoted at parity to a premium of 180 yuan/mt.

Looking ahead to tomorrow, as the market officially transitions to the SHFE copper 2511 contract, with Shanghai futures warrant stocks at 6,277 mt, suppliers are expected to show reluctance to budge on prices.