COMEX Copper Net Longs Fall Steeply on Capital Flight

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, persistently low social inventory in Shanghai has kept available copper cathode spot cargoes tight, providing strong support to spot premiums. During the day, copper prices edged up, and the backwardation structure between delivery months narrowed to 140-170 yuan/mt, with suppliers holding prices firm and showing strong reluctance to sell. Standard-quality copper was quoted at premiums around 450-480 yuan/mt, up about 40 yuan/mt from yesterday. Downstream enterprises had limited acceptance for cargoes near 450 yuan/mt premiums, with procurement still driven by immediate needs and bids mostly around 420 yuan/mt. Traders, however, continued to trade on expectations of tight available supply, cargo circulation was relatively active, and purchasing willingness remained high. Overall, with the tightness in available supply expected to persist for the near term, Shanghai spot copper prices against the SHFE 2608 contract are expected to hold a premium, and the overall center may edge up further.

Сегодня на севере Китая спотовая цена медного катода #1 к ближайшему месяцу составила премию 140-220 юаней/т, средняя премия — 180 юаней/т, что на 20 юаней/т выше предыдущего торгового дня. Средняя цена сделки — 104 995 юаней/т, рост на 750 юаней/т.