Shanghai Spot Copper Premiums Hold Steady, Amplified Import Losses Resonate with Widening Price Spread Between Futures Contracts [SMM Shanghai Spot Copper]

Today, SMM's #1 copper cathode spot prices against the current month 2601 contract were quoted at a discount of 30 yuan/mt to a premium of 150 yuan/mt, with the average price at a premium of 60 yuan/mt, unchanged from the previous trading day; the SMM #1 copper cathode price ranged from 101,920 to 103,100 yuan/mt. In the morning session, the SHFE copper 2601 contract showed a "V-shape" pattern, opening at 102,860 yuan/mt and declining to a low of around 102,100 yuan/mt, then rebounding and reaching a high of 103,700 yuan/mt during the rally, closing at 103,160 yuan/mt. The contango spread between nearby contracts ranged from 430 yuan/mt to 200 yuan/mt, while the import loss for the current month's SHFE copper contract ranged from 1,680 to 1,930 yuan/mt.

At the beginning of the morning session, suppliers quoted standard-quality copper at a discount of 50 yuan/mt to parity. High-quality copper from Jinchuan (plate) was in short supply, resulting in few market quotes and a premium of 150 yuan/mt. Brands such as Jinguan, Zhongjin, Zhongtiaoshan, and Yuguang were traded at a discount of 50 yuan/mt to parity. SX-EW copper was traded at a discount of 50 yuan/mt. Later, Yuguang's quotes rose to a discount of 20 yuan/mt for trading, while Xiangguang and Lufang were traded at a premium of 50 yuan/mt to 80 yuan/mt. Entering the second session, prices edged up slightly, with Zhongtiaoshan and Yuguang traded at a discount of 20 yuan/mt, while Tongguan and Jinguan's quotes remained largely unchanged.

Looking ahead to tomorrow, as the delivery date approaches further, the spot premium structure is expected to remain supported, but intraday volatility may intensify, with overall levels likely to stay high.