Futures Continue to Rise, End-User Buying Sluggish, North China Premium Sees Notable Pullback [SMM North China Spot Copper]

[SMM Shanghai spot copper] Tomorrow, the SHFE copper price center is expected to rise above 106,500 yuan/mt, significantly dampening downstream purchases. Although it is still in the purchasing cycle at the beginning of the month, some downstream users have rigid restocking demand, and purchasing sentiment has slightly rebounded compared to the previous trading day. However, actual purchases remain cautious, with suppliers continuously lowering quotes before transactions were made. Meanwhile, low-priced non-registered copper was traded at a premium of around 50 yuan/mt, and the price spread with registered standard-quality copper further widened, exerting some pressure on standard-quality copper quotes. The backwardation structure between nearby months has narrowed compared to earlier periods, marginally weakening the basis for suppliers to hold prices firm. Overall, under the combined effect of high copper prices dampening downstream purchases, low-priced supply impacting the market, and increased willingness to sell among suppliers, spot copper quotes against the SHFE copper 2608 contract are expected to maintain a premium tomorrow, but the overall price center may shift slightly lower.