SHFE copper spot cargo transactions improved slightly, but premiums and discounts showed no significant changes [SMM Shanghai spot copper]

SMM November 11:

Today, the spot prices of SMM #1 copper cathode against the current month 2511 contract were at a discount of 20 yuan/mt to a premium of 130 yuan/mt, with the average price quoted at a premium of 55 yuan/mt, unchanged from the previous trading day. The SMM #1 copper cathode prices ranged from 86,630 yuan/mt to 86,960 yuan/mt. In the morning session, SHFE copper continued to fall to 86,580 yuan/mt before stopping the decline and rebounding, rising to 86,850 yuan/mt, and closed the morning session at 86,660 yuan/mt. The intermonth spread showed a contango of around 20 yuan/mt, and the import loss for the current month's SHFE copper was approximately 800 yuan/mt.

Intraday procurement and sales sentiment improved slightly, with procurement sentiment for copper cathode in the Shanghai region at 3.06 and sales sentiment at 3.24. Suppliers' offers for standard-quality copper in the morning session showed no difference from the previous day, and intraday transactions were similar to the previous day, with downstream buying only slightly better than the previous day. Intraday shipments of high-quality copper, such as Jinchuan (plate), increased, and the price center edged down but remained generally firm. Transactions for non-registered sources were poor, with deals done at a discount of over 200 yuan/mt.

Looking ahead to tomorrow, spot transactions are expected to remain around parity.