Shanghai spot copper maintained a discount structure, with market transactions remaining sluggish. [SMM Shanghai spot copper]

Today, the SMM #1 copper cathode spot prices against the current month 2602 contract were quoted at a discount of 240-120 yuan/mt, with the average discount at 180 yuan/mt, down 10 yuan/mt from the previous trading day. The SMM #1 copper cathode price was 100,650-101,010 yuan/mt. In the morning session, the SHFE copper 2602 contract opened with a sharp jump and then fluctuated rangebound; it surged quickly after opening, rising from around 100,130 yuan/mt to a high of 101,190 yuan/mt, and then fluctuated repeatedly within the range of 100,600-101,000 yuan/mt, closing at 100,750 yuan/mt. The Contango spread between nearby contracts ranged from 280 to 230 yuan/mt, while the import loss for the current SHFE copper contract was between 100-320 yuan/mt.

At the beginning of the morning session, suppliers quoted high-quality copper, including Guixi and Jinchuan (plate), at a discount of 130-80 yuan/mt; standard-quality copper was quoted at a discount of 240-110 yuan/mt. Among these, Zhongtiaoshan and Jinguan started to trade at a discount of 220-200 yuan/mt, while JCC and Lufang were quoted at a discount of 150-110 yuan/mt. Registered SX-EW copper supply was tight, with only some Myanmar-origin material available in the market, leading to firm offers at a discount of 280-270 yuan/mt. Entering the second session, suppliers further lowered their prices, with Guixi actually trading at a discount of 120 yuan/mt. For standard-quality copper, due to some state-owned enterprises selling domestically during the day, prices for materials such as Lufang, Xiangguang, and JCC fell to a discount of 200-140 yuan/mt, while Zhongjin and Yuguang traded at a discount of 280-260 yuan/mt.

Looking ahead to next week, spot discounts are expected to remain under pressure. The current futures spread structure, combined with the ongoing inventory buildup in Shanghai and the narrowing import loss, collectively pose multiple pressures on the spot market. Amid persistent discounts, suppliers still have a strong willingness to ship to delivery warehouses. The Shanghai spot copper market is expected to maintain a pattern of "high discounts and weak trading" next week.