Copper prices edged slightly higher, purchasing sentiment declined, and Shanghai spot copper spot premiums fell [SMM Shanghai Spot Copper]

SMM November 24:

Today, SMM's #1 copper cathode spot prices against the current month 2512 contract were quoted at a premium of 10-160 yuan/mt, with an average premium of 85 yuan/mt, down 5 yuan/mt WoW. The SMM #1 copper cathode price ranged from 86,060 to 86,410 yuan/mt. In the morning session, SHFE copper briefly surged to 86,300 yuan/mt before giving up gains, hitting a low of 86,030 yuan/mt near 11:00 a.m., then rebounding above 86,100 yuan/mt. The SHFE copper intermonth spread fluctuated between a contango of 50-30 yuan/mt, while the import loss for the current month contract widened to nearly 1,000 yuan/mt.

Intraday procurement sentiment declined, as downstream users were sensitive to copper price fluctuations; the return of copper prices to 86,000 yuan/mt suppressed downstream purchasing sentiment. Rising sales sentiment pressured Shanghai spot copper premiums downward. In the morning, suppliers quoted standard-quality copper at a premium of 30-60 yuan/mt, with some cargoes traded at a premium of 10-20 yuan/mt after bargaining. High-quality copper remained tight, sustaining higher transaction prices, with Jinchuan (plate) traded around a premium of 150 yuan/mt. SX-EW supply tightened noticeably WoW; in the morning, Laos-origin cargoes were quoted at parity but struggled to trade, leading to subsequent price cuts. Non-registered cargoes were mainly existing inventory, with moderate transactions.

Looking ahead, as the conference week begins, some suppliers are reducing offers. With copper prices stabilizing near 86,000 yuan/mt and downstream users returning to just-in-time procurement, spot transactions are expected to maintain a slight premium tomorrow.