Intraday Copper Prices Rose with Downstream Counteroffers Evident, Shanghai Spot Copper Premiums Declined [SMM Shanghai Spot Copper]

Published: Nov 25, 2025 12:05

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[SMM SHFE Copper Spot] Tomorrow, the spot market is expected to remain deadlocked above parity.

SMM November 25 News:

Today, SMM's #1 copper cathode spot prices against the current month 2512 contract were quoted at parity to a premium of 160 yuan/mt, with an average premium of 80 yuan/mt, down 5 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged from 86,330 to 86,890 yuan/mt. In the morning session, the SHFE copper 2512 contract surged sharply, reaching a high of 86,780 yuan/mt near 11:00 AM before paring some gains and closing the morning session at 86,650 yuan/mt. The inter-month spread stood at a contango of 60-40 yuan/mt, while import losses for the current month's SHFE copper widened to 1,000 yuan/mt.

Procurement sentiment during the day remained flat compared to yesterday, while sales sentiment improved slightly. Warrant destocking continued, but as futures prices rose above 86,500 yuan/mt, downstream buyers slowed their pace of accepting new orders. In the morning, suppliers offered standard-quality copper at a premium of 20-60 yuan/mt, but prices were later driven down to parity to a premium of 20 yuan/mt for transactions. Supplies of high-quality copper and SX-EW copper remained tight, with firm offers. The transaction center for non-registered brands declined during the day.

Looking ahead to tomorrow, spot market transactions are expected to remain stagnant above parity.

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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