Suppliers continued to offload goods at low prices, and market transactions remained sluggish compared to yesterday [SMM Shanghai spot copper]

Published: Dec 19, 2025 13:39

Save

[SMM Shanghai spot copper] Looking ahead to next week, the overall market structure is not expected to change significantly before the year-end settlement. As downstream users in the north gradually enter the off-season, inventory buildup pressure in Shanghai is expected to continue increasing, and premiums are likely to remain low.

SMM December 19:

Today, spot prices of SMM #1 copper cathode against the current SHFE 2601 contract were quoted at a discount of 220-100 yuan/mt, with the average discount at 160 yuan/mt, down 20 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged between 92,130-92,570 yuan/mt. In the morning session, the SHFE copper 2601 contract fluctuated rangebound between 92,350-92,670 yuan/mt, with the inter-month spread basically between contango 150-100.

Intraday, suppliers' offers declined as expected compared to yesterday, while downstream demand also remained sluggish. In the morning, suppliers quoted standard-quality copper at around a discount of 160 yuan/mt against the next-month contract, and high-quality copper at around a discount of 100 yuan/mt; subsequently, during the second trading session, standard-quality copper quickly fell to a discount of 200 yuan/mt, while high-quality copper remained firm, quoted at around a discount of 100 yuan/mt.

Looking ahead to next week, the overall market structure is not expected to change significantly before year-end settlements. As downstream users in the north gradually enter the off-season, inventory buildup pressure in Shanghai is expected to continue increasing, and premiums are anticipated to remain low.

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Feb 6, 2026 23:56

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

Feb 6, 2026 23:56

Feb 6, 2026 23:54

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

Feb 6, 2026 23:54

Feb 6, 2026 23:47

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

Feb 6, 2026 23:47