Após a rolagem do contrato, as consultas a jusante ficaram lentas e a manutenção dos preços firmes impulsionou os prêmios do cobre spot no Norte da China [SMM North China Spot Copper]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the current social inventory continues to destock rapidly. SMM data shows that Shanghai's social inventory recorded 76,500 mt, down 9,100 mt MoM; Jiangsu's social inventory recorded 19,500 mt, down 6,900 mt MoM, with available spot cargoes remaining persistently tight. From the perspective of supplier behavior, after low-priced cargoes were quickly digested, the market found it difficult to locate discounted cargoes, and suppliers held firm in their intention to support prices. High-quality copper premiums were maintained at a high of 360-400 yuan/mt. After the contract rollover, the backwardation spread between the front-month and next-month contracts narrowed but still stayed at a relatively high level. Overall, with inventory continuing to destock and limited replenishment arrivals, Shanghai spot copper prices against the SHFE 2608 contract are expected to remain at a premium tomorrow, with the overall center possibly moving slightly higher.

[Flash do Inventário Social de Cobre SMM] Em 16 de julho de 2026, o inventário social de cobre catódico da SMM nas principais regiões da China diminuiu 41.600 toneladas métricas na comparação semanal em relação à quinta-feira anterior (9 de julho), caindo para 123.400 toneladas métricas. Por região, em Xangai e Jiangsu, afetados pela oferta persistentemente restrita de fontes importadas e domésticas, os estoques registraram uma desestocagem significativa; em Guangdong, as chegadas diminuíram, o consumo final apresentou desempenho medíocre, o padrão de oferta e demanda foi fraco em ambos os lados, e os estoques recuaram ligeiramente.