Copper Prices Rose While Procurement and Sales Sentiment Weakened, Shanghai Spot Copper Premiums Fell [SMM Shanghai Spot Copper]

SMM October 24 News:

Today, spot prices of SMM #1 copper cathode against the current month 2511 contract were at a discount of 50 yuan/mt to a premium of 70 yuan/mt, with the average price quoted at a premium of 10 yuan/mt, unchanged from the previous trading day; SMM #1 copper cathode prices ranged from 86,240 to 86,600 yuan/mt. In the morning session, the center of SHFE copper prices slightly declined from 86,700 yuan/mt to 86,400 yuan/mt, then recovered to above 86,700 yuan/mt. The inter-month price spread fluctuated between a discount of 50 yuan/mt and a discount of 30 yuan/mt, while import losses widened to nearly 1,000 yuan/mt.

Intraday procurement and sales sentiment further declined, with procurement sentiment for copper cathode in the Shanghai region at 2.97 and sales sentiment at 3.09. In the morning session, suppliers offered at parity to a discount of 20 yuan/mt and a premium of 10 yuan/mt, followed by transactions at lower prices, with the transaction center at a discount of 30 yuan/mt. High-quality copper faced tight supply intraday, with limited spot availability of Jinchuan (plate), and only some warrant supply for Guixi. The ex-factory price for Jintun (plate) in Anhui was at a premium of 60 yuan/mt. Some SX-EW copper arrived, with Myanmar material at a discount of around 70 yuan/mt.

Looking ahead to next week, spot premiums are expected to continue declining under the impact of high copper prices.