Ship to delivery warehouse demand provides support, with limited downside for spot premiums [SMM SHFE copper]

Published: Dec 25, 2025 14:56

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[SMM Shanghai Spot Copper] Trading with invoices dated next month begins tomorrow, and spot liquidity is expected to remain low, with premiums continuing to decline.

SMM December 25:

Today, SMM #1 copper cathode spot prices against the current SHFE 2601 contract were quoted at a discount of 400-260 yuan/mt, with the average discount at 330 yuan/mt, down 20 yuan/mt from the previous trading day. The SMM #1 copper cathode price range was 94,300-95,220 yuan/mt. In the morning session, the SHFE copper 2601 contract fluctuated upward initially and rose to around 95,230 yuan/mt near the morning close. The inter-month spread was basically between C220 and C180.

Intraday spot quotations continued to decline, with some smelters selling at low prices, while downstream demand showed weakness shortly after the morning session opened. Some traders sought low-priced cargoes for warrant delivery. Although spot premiums continued to decline compared to yesterday, they were relatively stable. In the morning, suppliers quoted standard-quality copper at a discount of 360-300 yuan/mt, while high-quality copper was scarce and difficult to quote. After the second session, standard-quality copper gradually fell to a discount of around 400 yuan/mt.

Trading with invoices dated next month begins tomorrow, and spot liquidity is expected to further decrease, with premiums likely to continue declining.

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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