SMM November 18 News:
Today, SMM's #1 copper cathode spot prices against the current month 2512 contract were quoted at parity to a premium of 140 yuan/mt, with the average price quoted at a premium of 70 yuan/mt, down 35 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged from 85,830 to 86,180 yuan/mt. In the morning session, SHFE copper fell continuously from 86,100 yuan/mt, dropping to around 85,850 yuan/mt by 11 a.m. The inter-month spread fluctuated slightly within Contango 10-Back 10 yuan/degree, and the import loss for the current month SHFE copper contract narrowed to within 600 yuan/mt.
Intraday buying and selling sentiment improved, with copper prices falling below 86,000 yuan/mt, downstream purchasing sentiment improved significantly. The purchasing sentiment for copper cathodes in the Shanghai area was 3.10, while the selling sentiment was 3.24. At the beginning of the session, suppliers quoted standard-quality copper at a premium of 10-60 yuan/mt, with Tiefeng and others traded at a premium of 10 yuan/mt. A small portion of goods were traded at parity as prices were driven down, while the rest were mostly traded at a premium of 20-30 yuan/mt. JCC sources were tight, with offers remaining high at a premium of 50-70 yuan/mt, and some transactions occurred. High-quality copper supplies were even tighter today, with the trading center moving higher. Some SX-EW copper arrived, while non-registered sources continued to be affected by copper scrap, making it difficult to sell.
Looking ahead to tomorrow, copper prices are expected to continue benefiting downstream purchases below 86,000 yuan/mt, and Shanghai spot copper is expected to maintain small premium trades.
