SMM reported that #1 copper cathode traded with premiums of up to 50 yuan/mt against SHFE 2305 copper contract on April 21, and with premiums of 30-70 yuan/mt over the contract as of Friday April 28 (with next-month invoices).
Active downstream restocking ahead of Labour Day holidays helped spot quotes rally in the middle of the week. Spot copper traded with small premiums in the second half of the week.
Copper futures went down, and the import loss of copper shrank accordingly. This, combined with import subsidy policies in some regions, increased inflows of imported goods. Shipments leaving social warehouses in Shanghai were brisk, while increased arriving shipments resulted in a stock accumulation of 1,500 mt.
After the Labour Day holidays, the inventory of raw materials at downstream producers will be low. They will need to restock, and sellers will raise their prices in early May. Spot quotes in Shanghai are expected to edge higher after the holiday.
![Estoques caem por 13 semanas consecutivas para nova mínima do ano; prêmios spot seguem subindo [Análise semanal do cobre catódico spot no Sul da China – SMM]](https://imgqn.smm.cn/usercenter/vdbfy20251217171709.jpg)
![Importações de suprimento combinadas com backwardation crescente, prêmios do cobre à vista em Xangai recuam após alta rápida [Revisão Semanal do Cobre à Vista em Xangai da SMM]](https://imgqn.smm.cn/usercenter/KTLHT20251217171714.jpeg)
