Questões levantadas sobre a produção de cobre da Codelco em dezembro de 2025

Looking ahead to tomorrow, tomorrow is the last trading day for the SHFE copper 2605 front-month contract. In accordance with the SMM #1 copper cathode price assessment methodology, SMM consistently quotes based on the front-month contract. From the current market structure, the intraday SHFE copper price spread between futures contracts quickly dipped, ranging between Contango 70 yuan/mt and Backwardation 60 yuan/mt. End-user procurement orders saw a slight increase in volume, but not significantly. According to SMM, some downstream enterprises placed orders mostly around 104,000 yuan/mt, and downstream procurement sentiment remained relatively subdued, with high copper prices continuing to suppress current consumption demand. However, due to the delivery logic providing a floor, spot discounts received certain support, and the downside room for premiums was limited. Going forward, attention should be paid to the outflow of unmatched warrants. After delivery is completed, the market is expected to enter a new round of pricing dynamics centered around the 2606 contract.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, tomorrow is the last trading day for the SHFE copper 2605 contract. In accordance with the SMM #1 copper cathode price assessment methodology, SMM consistently quotes against the front-month contract. From the current market structure, the intraday SHFE copper price spread between futures contracts quickly dipped, ranging between Contango 70 yuan/mt and Backwardation 60 yuan/mt. End-user procurement orders saw a slight increase in volume, but not significantly. According to SMM, some downstream enterprises placed orders mostly around 104,000 yuan/mt, and downstream procurement sentiment remained relatively subdued, with high copper prices continuing to suppress current consumption demand. However, due to the delivery logic providing a floor, spot discounts received certain support, and the downside room for premiums was limited. Going forward, attention should be paid to the outflow of unmatched warrants. After delivery is completed, the market is expected to enter a new round of pricing dynamics centered around the 2606 contract.

Hoje, os preços spot do cátodo de cobre #1 no Norte da China em relação ao contrato do mês mais próximo foram cotados com um desconto médio de 270 yuan/t a um desconto de 170 yuan/t, com o desconto médio de 220 yuan/t, uma queda de 10 yuan/t em relação ao dia de negociação anterior. O preço médio de transação foi de 107.210 yuan/t, uma queda de 1.115 yuan/t em relação ao dia de negociação anterior.