Shanghai bonded copper stocks dipped as Feb rate cut drove copper import financing

As of Thursday, average spot quotes in Shandong settled at a discount of RMB 130/mt. Copper prices kept climbing to fresh highs this week, compounded by a persistently wide backwardation structure in monthly spreads, leaving downstream consumers firmly on the sidelines. Despite active offer cuts by holders to spur demand, downstream buying interest remained subdued, keeping spot market activity in a stalemate throughout the week.

[SMM Cobre Spot de Xangai] Em relação a amanhã, até o fechamento da manhã, o open interest no contrato de cobre SHFE 2609 era de 29.240 lotes. Segundo a SMM, os fornecedores ainda não começaram a converter cargas entregáveis em warrants. Do lado da oferta, tanto as cargas importadas quanto as entregas das fundições estão limitadas; do lado da demanda, com os preços do cobre permanecendo altos, as empresas downstream mantêm compras just-in-time. No geral, a oferta e a demanda permanecem fracas, e espera-se que os prêmios continuem caindo ligeiramente.