Pre-Delivery Futures Spreads Fully Shift Into Backwardation, Shanghai Spot Copper Premiums Hit Year’s High [SMM Shanghai Spot Copper]
[SMM Shanghai spot copper] Looking ahead to next week, the inter-month spread has fully shifted to a backwardation structure, with the backwardation widening to 20-90 yuan/mt. Suppliers are showing strong sentiment to hold back from selling, while social inventory continues to destock rapidly, leaving the pattern of tight available spot cargo unchanged. Overall, under the combined support of the backwardation structure, inventory destocking, and supplier reluctance to sell, Shanghai spot copper prices against the 2607 contract are expected to remain at a premium next week, with the overall strength persisting. Attention should be paid to changes in market structure around delivery and the pace of downstream restocking.