As the year-end approaches, market transactions are sluggish, copper prices decline, and the discount narrows slightly. [SMM Shanghai Spot Copper]

Published: Dec 30, 2025 14:31

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[SMM Shanghai Spot Copper] Tomorrow, the last trading day of the year-end coincides with the final day, and market trading is expected to remain sluggish. Spot discounts for SHFE copper are expected to persist but show signs of narrowing.

SMM December 30 News:

Today, the spot price of SMM #1 copper cathode against the current month 2601 contract was quoted at a discount of 330 yuan/mt to a premium of 150 yuan/mt, with the average price quoted at a premium of 240 yuan/mt, up 90 yuan/mt from the previous trading day; the SMM #1 copper cathode price was 97,190-98,050 yuan/mt. In the morning session, SHFE copper opened lower and moved higher, continuing to rise above 98,500 yuan/mt. The contango spread between nearby contracts narrowed significantly from the previous day to 80-30 yuan/mt, and the import loss for the current month SHFE copper contract narrowed to around 1,300 yuan/mt.

Intraday purchasing sentiment improved compared to yesterday, but as copper prices remained high and the year-end approached, market trading activity was weak. As copper prices fell to around 98,000 yuan/mt, suppliers initially offered high discounts around 250-200 yuan/mt for standard-quality copper, and around 150-100 yuan/mt for high-quality copper. During the main trading session, transactions were about 50 yuan/mt lower than the offered discounts, with standard-quality copper at discounts of 300-250 yuan/mt all traded. Non-registered sources were recently tight, with offers around a discount of 400 yuan/mt.

Looking ahead to tomorrow, the last trading day of the year coincides with the final day, and market trading is expected to remain sluggish. Spot discounts for Shanghai copper are expected to persist but show signs of narrowing.

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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