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[SMM Shanghai Spot Copper] Looking ahead to tomorrow, persistently low social inventory in Shanghai has kept available copper cathode spot cargoes tight, providing strong support to spot premiums. During the day, copper prices edged up, and the backwardation structure between delivery months narrowed to 140-170 yuan/mt, with suppliers holding prices firm and showing strong reluctance to sell. Standard-quality copper was quoted at premiums around 450-480 yuan/mt, up about 40 yuan/mt from yesterday. Downstream enterprises had limited acceptance for cargoes near 450 yuan/mt premiums, with procurement still driven by immediate needs and bids mostly around 420 yuan/mt. Traders, however, continued to trade on expectations of tight available supply, cargo circulation was relatively active, and purchasing willingness remained high. Overall, with the tightness in available supply expected to persist for the near term, Shanghai spot copper prices against the SHFE 2608 contract are expected to hold a premium, and the overall center may edge up further.

In North China today, #1 copper cathode spot prices against the front-month contract were reported at premiums of 140-220 yuan/mt, with an average premium of 180 yuan/mt, up 20 yuan/mt from the previous trading day. The average transaction price was 104,995 yuan/mt, up 750 yuan/mt from the previous trading day.