Supply and Demand Both Weak in Shanghai, SHFE Copper Spot Premiums Remain Firm [SMM Shanghai Spot Copper]

Published: Dec 2, 2025 16:48

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[SMM Shanghai Spot Copper] Tomorrow's spot transactions are expected to maintain a firm price pattern amid weak supply and demand.

SMM December 2 News:

Today, the spot prices of SMM #1 copper cathode against the current month 2512 contract were quoted at a premium of 20 yuan/mt to a premium of 220 yuan/mt, with the average price quoted at a premium of 120 yuan/mt, up 15 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged from 88,430 yuan/mt to 88,890 yuan/mt. In the morning session, the SHFE copper 2512 contract fell from 88,840 yuan/mt to 88,340 yuan/mt, then stopped falling and rebounded, but only fluctuated around 88,620 yuan/mt. The inter-month spread was at Contango 80 yuan/mt to Contango 40 yuan/mt, and the import loss for the current month's SHFE copper expanded to 1,400 yuan/mt.

Intraday purchasing sentiment rebounded slightly, but sales sentiment remained weak. Suppliers indicated that the available cargoes for sale were limited, and they basically held prices firm for sales. At the beginning of the morning session, suppliers' sales of Tiefeng were quickly absorbed by the market at parity, then most suppliers quoted standard-quality copper at a premium of 20-80 yuan/mt, while JCC-type cargoes remained high-priced and scarce. High-quality copper cargoes continued to be tight, which is expected to be difficult to alleviate in the short term. Non-registered cargoes were low-priced, with transactions concluded at a discount of 200 yuan/mt to a discount of 170 yuan/mt.

Looking ahead to tomorrow, spot transactions are expected to maintain a pattern of firm prices amid weak supply and demand.

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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