SHFE Copper Spot Price Breaks Through the 100,000 Mark, Market Buying Sentiment "Sluggish" [SMM SHFE Copper Spot]

SMM December 29 News:

Today, the spot prices of SMM #1 copper cathode against the current month 2601 contract were quoted at a discount of 400 yuan/mt to a premium of 260 yuan/mt, with the average price quoted at a premium of 330 yuan/mt, up 10 yuan/mt from the previous trading day; the SMM #1 copper cathode price ranged from 100,220 to 101,260 yuan/mt. In the morning session, the SHFE copper 2601 contract rose to 101,900 yuan/mt, the inter-month contango fluctuated between 200-100 yuan/mt, and the import loss for the current month's SHFE copper contract was around 1,500 yuan/mt.

Procurement sentiment weakened throughout the day, with only a few suppliers continuously adjusting their offers to around a discount of 400 yuan/mt to meet sales demand, while other suppliers generally held firm above a discount of 350 yuan/mt. Due to abundant arrivals today, mainly Jinchuan (plate), high-quality copper was offered around a discount of 280 yuan/mt, but transactions were scarce. SX-EW copper and non-registered supplies held firm, with the price spread against standard-quality copper narrowing.

Looking ahead to tomorrow, as the year-end approaches, trading activity from both buyers and sellers is expected to decrease. Under the pressure of copper prices around 100,000 yuan/mt, downstream just-in-time procurement is also expected to decline significantly, and the substantial discount for Shanghai spot copper is unlikely to change.