Weak Consumption and Limited Demand Keep Spot Premiums on a Downward Trend [SMM Shanghai Spot Copper]

Published: Dec 17, 2025 14:03

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[Shanghai spot copper] Looking ahead to tomorrow, spot copper consumption is expected to remain weak at year-end, and premiums are forecast to edge down slightly tomorrow.

SMM News on December 17:

Today, spot prices of SMM #1 copper cathode against the current SHFE 2601 contract were quoted at a discount of 200-100 yuan/mt, with the average discount at 150 yuan/mt, down 25 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged between 92,000-92,290 yuan/mt. In the morning session, the SHFE copper 2601 contract fluctuated rangebound between 92,200-92,400 yuan/mt, with the inter-month spread basically between contango 120-90.

Throughout the day, sellers remained active in offloading goods, but downstream demand was weak. Spot premiums started to decline from the beginning of the morning session, with only a small volume of low-priced cargo transacted, indicating overall sluggish demand. In the morning, suppliers quoted standard-quality copper at around a 170 yuan/mt discount against the next-month contract, while high-quality copper was quoted at around a 100 yuan/mt discount. Subsequently, during the second trading session, prices fell to a 200 yuan/mt discount for standard-quality copper and a 110 yuan/mt discount for high-quality copper.

Looking ahead to tomorrow, the weak year-end consumption situation is expected to persist, and premiums are anticipated to experience a slight decline.

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