Today, the spot premiums/discounts for SMM #1 copper cathode against the current month 2602 contract were quoted at a discount of 280 yuan/mt to a discount of 20 yuan/mt, with the average price at a discount of 150 yuan/mt, down 30 yuan/mt from the previous trading day. The SMM #1 copper cathode price ranged from 100,270 to 101,180 yuan/mt. In the morning session, the SHFE copper 2602 contract first rose, then fell, and rebounded slightly. It opened at 101,380 yuan/mt and rose several times to a high of 101,700 yuan/mt, then declined, testing a low of 100,700 yuan/mt twice, before edging up to close at 101,000 yuan/mt. The Contango spread between nearby contracts ranged from 260 yuan/mt to 190 yuan/mt, while the import loss for the current month's SHFE copper contract was between 760-810 yuan/mt.
At the beginning of the morning session, suppliers quoted standard-quality copper at a discount of 200 yuan/mt to 60 yuan/mt. Among them, Zhongtiaoshan and Yuguang were quoted at a discount of 200 yuan/mt, while JCC was quoted at a discount of 20 yuan/mt. Due to scarce supply, high-quality copper such as Guixi and Jinchuan (plate) were quoted at a premium of 30 yuan/mt and 20 yuan/mt, respectively. Prices were then adjusted quickly: Guixi traded at parity, Jinchuan (plate) was quoted at a discount of 30 yuan/mt, while Lufang and JCC were quoted at discounts of 90 yuan/mt and 60 yuan/mt, respectively. Zhongjin, Zhongtiaoshan, and Yuguang were quoted at discounts of 220 yuan/mt to 240 yuan/mt, with some transactions concluded. In the second session, overall trading was sluggish, and suppliers further lowered prices. Jinchuan (plate) was quoted at a discount of 50 yuan/mt, and standard-quality copper was quoted at a discount of 280 yuan/mt to 80 yuan/mt. Trading activity then improved slightly, with Tiefeng and Zhongtiaoshan trading at a discount of 260 yuan/mt.
Looking ahead to tomorrow, warrants continued to flow out, putting further pressure on spot premiums/discounts. With copper prices remaining high, downstream buyers mainly made just-in-time procurement. The spot market is expected to maintain discounts tomorrow. Additionally, snowfall in some northern cities delayed the arrival of some cargoes, but logistics remained generally smooth.
