Spot copper prices consolidated in the early market; market sentiment was similar to yesterday. [SMM SHFE spot copper]

Today, #1 copper cathode spot was quoted at a discount of 180-240 yuan/mt against 2407 contract, with an average discount of 210 yuan/mt, down 5 yuan/mt from the previous trading day. Standard-quality copper traded at 78,160-78,430 yuan/mt, and high-quality copper traded at 78,190-78,470 yuan/mt. SHFE copper 2407 contract narrowly fluctuated around 78,500 yuan/mt in the morning session. The price spread between the SHFE copper 2407 and 2408 contracts in the morning session was contango 190-220 yuan/mt.

Today's copper prices moved rangebound, with market sentiment similar to yesterday. Sellers were optimistic about consumption, and early morning copper prices were quoted higher. At the beginning of the session, mainstream standard-quality copper was quoted at a discount of 190-200 yuan/mt, while high-quality copper such as CCC-P and ENM was quoted at a discount of 180-190 yuan/mt. During the main trading period, mainstream standard-quality copper was partially traded at a discount of 200-220 yuan/mt, and high-quality copper was partially traded at a discount of 190-200 yuan/mt. Registered hydro copper was in short supply and prices were limited. Some downstream buyers were bullish on spot premiums, and stocking improved slightly from yesterday, but overall market transactions were mediocre.

At the beginning of the week, copper prices fell to a low level, and downstream buying slightly improved from a week ago, continuing last week's destocking trend. Tomorrow will enter the next month's ticket trading, and after the end of the long-term contract execution at the end of the month, the market is expected to turn colder, with spot premiums expected to continue to decline.