SHFE copper spot offers continued to decline, with the market discount widening [SMM Shanghai spot copper]

SMM January 8 News:

Today, SMM's #1 copper cathode spot prices against the current month 2601 contract were quoted at a discount of 180 yuan/mt to a premium of 50 yuan/mt, with the average price at a discount of 65 yuan/mt, down 15 yuan/mt from the previous trading day; SMM's #1 copper cathode prices were 101,470-102,700 yuan/mt. In the morning session, the SHFE copper 2601 contract first rose and then fell, opening at 101,600 yuan/mt and continuing to climb to a high of 102,750 yuan/mt, before declining steadily and testing below 101,500 yuan/mt twice, closing at 101,730 yuan/mt. The contango spread between nearby contracts ranged from 110 yuan/mt to 200 yuan/mt, while import losses for the current month's SHFE copper contract were between 550-800 yuan/mt.

In the morning, suppliers quoted standard-quality copper at a discount of 120-50 yuan/mt, then adjusted prices, with Yuguang and Dajiang HS lowering to a discount of 140 yuan/mt, and high-quality copper Jinchuan (plate) decreasing from a premium of 150 yuan/mt to 90 yuan/mt. Downstream buyers countered offers noticeably, and discounts continued to widen. In the second session, transaction prices fell collectively by 40 yuan/mt compared to the quoted prices.

Looking ahead to tomorrow, spot prices are expected to continue trading at a discount, but with the approach of the delivery date, market purchasing activity will be closely watched.