After entering the SHFE copper 2511 contract, Shanghai spot copper transactions remained temporarily firm above parity [SMM Shanghai Spot Copper]

Published: Oct 16, 2025 14:33

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[SMM Shanghai Spot Copper] Tomorrow, downstream stockpiling sentiment is expected to increase. Copper prices are currently fluctuating around 85,000 yuan/mt, and buying interest is unlikely to rise significantly. Spot copper transactions on the SHFE are expected to remain flat compared with today.

SMM October 16 News:

Today, SMM's #1 copper cathode spot prices against the current month 2511 contract were quoted at parity to a premium of 120 yuan/mt, with the average price quoted at a premium of 60 yuan/mt, down 60 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged from 84,900 to 85,450 yuan/mt. In the morning session, SHFE copper prices first fell and then rose, initially declining from 85,130 yuan/mt to 84,980 yuan/mt before recovering to above 85,300 yuan/mt. The inter-month price spread fluctuated between a contango of 50 yuan/mt and a contango of 20 yuan/mt, while the import loss for SHFE copper narrowed to within 1,000 yuan/mt.

During the day, both purchasing and sales sentiment improved, with purchasing sentiment for copper cathode in the Shanghai region at 3.01 and sales sentiment at 3.10. In the morning session, suppliers quoted premiums of 30-130 yuan/mt, with standard-quality copper transacted at a premium of 30 yuan/mt, while high-quality copper transactions dropped to premiums of 100-120 yuan/mt. Premiums for brands such as Polish, Lu Fang, Xiangguang, and JCC were quoted at 40-80 yuan/mt. Entering the second trading session, the market reported brands like Jinguan and Jinchuan ISA near parity to facilitate transactions. Non-registered brands traded at a discount of around 100 yuan/mt.

Looking ahead to tomorrow, downstream stockpiling sentiment is expected to increase on Friday. With copper prices currently fluctuating around 85,000 yuan/mt, buying interest is unlikely to see a significant rise. Spot copper transactions on the SHFE are expected to be similar to today's levels.

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.

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