Today, the SMM #1 copper cathode spot prices against the current month 2602 contract were quoted at a discount of 280 yuan/mt to a discount of 80 yuan/mt, with the average price reported at a discount of 180 yuan/mt, down 30 yuan/mt from the previous trading day; the SMM #1 copper cathode price ranged from 99,820 to 100,300 yuan/mt. In the morning session, the SHFE copper 2602 contract showed a slow upward trend, starting from an opening price of 99,840 yuan/mt and repeatedly testing highs up to 100,400 yuan/mt, closing at 100,310 yuan/mt. The Contango spread between adjacent months ranged from 270 yuan/mt to 180 yuan/mt, while the import loss for the current month's SHFE copper contract was between 760-820 yuan/mt.
At the beginning of the morning session, suppliers quoted high-quality copper, including Guixi and Jinchuan (plate), at a premium of 10 yuan/mt to a discount of 100 yuan/mt, while standard-quality copper was quoted at a discount of 250 yuan/mt to 50 yuan/mt. Among them, Xiangguang and Lufang quickly adjusted their prices from an initial discount of 80 yuan/mt to a discount of 170 yuan/mt. Jinchuan (plate) saw relatively fast transactions due to scarce supply. Registered SX-EW copper cathode supply was tight, with only some Myanmar-origin material circulating, leading to firm offers and transactions concluded within a discount of 300 yuan/mt. Non-registered material traded at a discount of 350 yuan/mt to 300 yuan/mt. Entering the second session, suppliers showed a strong willingness to hold prices firm, and prices largely stabilized. Due to the significant price advantage of Jinchuan (plate), actual transactions for Guixi were limited.
According to SMM's communication with enterprises, downstream market procurement volume showed a differentiated characteristic, with top-tier enterprises having relatively prominent procurement volumes, while other enterprises mostly engaged in small-scale supplementary purchases. Some enterprises also reported that end-users showed higher acceptance when copper prices were below 99,500 yuan/mt, with trading activity significantly improving. Last Friday, copper prices briefly hovered around 99,000 yuan/mt. Influenced by this, the enterprise completed a certain scale of order signing last Friday and simultaneously conducted stockpiling operations.
Looking ahead to tomorrow, the center of copper prices is expected to move downward, and market transaction conditions are expected to improve. Today, suppliers' willingness to hold prices firm strengthened, and transactions for some scarce supplies were relatively active. It is expected that suppliers' quotations may remain relatively stable tomorrow.
