Copper prices weakened, demand recovered somewhat, and procurement sentiment improved slightly [SMM Shanghai spot copper]

Today, the SMM #1 copper cathode spot prices against the current month 2602 contract were quoted at a discount of 260 yuan/mt to a discount of 80 yuan/mt, with the average price at a discount of 170 yuan/mt, up 10 yuan/mt from the previous trading day; the SMM #1 copper cathode price ranged from 99,740 to 100,400 yuan/mt. In the morning session, the SHFE copper 2602 contract showed a "W" pattern, opening at 100,220 yuan/mt and falling to a low of 99,940 yuan/mt, then rising and touching above 100,780 yuan/mt twice, followed by another decline to 100,200 yuan/mt, before rising again to close at 100,270 yuan/mt. The contango spread between nearby contracts ranged from 270 yuan/mt to 210 yuan/mt, and the import loss for the current month's SHFE copper contract was between 360-430 yuan/mt.

At the beginning of the morning session, suppliers quoted high-quality copper, including Guixi and Jinchuan (plate), at a discount of 100 yuan/mt to parity; standard-quality copper was quoted at a discount of 250 yuan/mt to a discount of 140 yuan/mt, with JCC traded at a discount of 140 yuan/mt, while Jinchuan Isa, Zhongtiaoshan, Chifeng Tiefeng, and Jintong Yusheng traded at discounts ranging from 250 yuan/mt to 200 yuan/mt; non-registered copper traded at a discount of 350 yuan/mt. In the second session, high-quality copper prices were adjusted downward, with Guixi and Jinchuan (plate) quoted at a discount of 130 yuan/mt to a discount of 60 yuan/mt; standard-quality copper, such as Lufang, Xiangguang, and JCC, traded at discounts of 170 yuan/mt to 120 yuan/mt. Registered SX-EW copper supply was tight, with only some Myanmar-origin material available, leading to firm offers at a discount of 320 yuan/mt to 280 yuan/mt.

Looking ahead to tomorrow, copper prices are expected to see their center shift downward, while downstream purchasing sentiment improved, and market transactions continued to improve. Today, suppliers showed stronger willingness to hold prices firm, and some scarce resources traded relatively actively. It is expected that supplier quotations will remain relatively stable tomorrow.