Approaching the month-end, transaction sentiment weakened, while premiums for some high-priced spot cargo continued to rise. [SMM Shanghai Spot Copper]

Published: Nov 27, 2025 14:56

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[SMM Shanghai spot copper] Tomorrow, the last day of the month-end, is expected to see some demand for cargoes with invoices dated this month, but transactions for cargoes with invoices dated next month are anticipated to be relatively mediocre.

SMM November 27 report:

Today, SMM #1 copper cathode spot prices against the current month 2512 contract ranged from a premium of 10 yuan/mt to 200 yuan/mt, with an average quote at a premium of 105 yuan/mt, up 25 yuan/mt from the previous trading day; SMM #1 copper cathode prices were 86,910-87,260 yuan/mt. In early morning trading, the SHFE copper 2512 contract briefly surged to 87,140 yuan/mt, then fluctuated between 86,880-87,080 yuan/mt. The inter-month price spread fluctuated between C80-C50 yuan/mt, and the import loss for SHFE copper widened to over 1,000 yuan/mt.

During the day, both buying and selling sentiment declined, with the decline in selling sentiment being more pronounced, leading to continued increases in premiums for some market supplies. As copper prices returned to around 87,000 yuan/mt, coupled with end-of-month account closures and settlements by downstream buyers, purchasing sentiment weakened. Offers from Jinchuan and Guixi decreased, with some suppliers quoting a premium of 200 yuan/mt, and even lots under 100 mt quoted at a premium of over 250 yuan/mt. In Shanghai, Jin Tun large plates traded quickly at a premium of about 150 yuan/mt, indicating tight supply of high-quality copper. Standard-quality copper saw moderate transactions, but mainly concentrated in Jiangsu, with relatively fewer supplies available in Shanghai.

Looking ahead to tomorrow, on the last day of the month, it is expected that there will still be some demand for cargoes with invoices dated this month, but transactions for cargoes with invoices dated next month are expected to be mediocre.

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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