Some 10,000 mt of copper scrap imports approved in 17th batch

[SMM Shanghai Spot Copper] Tomorrow, the price center of the SHFE copper 2609 contract is expected to move notably lower during the day from the previous trading day, driving the release of downstream dip-buying demand, and purchase sentiment in Shanghai is expected to rebound markedly. SMM has learned that orders for some downstream enterprises have improved notably WoW, and their purchase willingness for copper cathode has strengthened accordingly, with market trading activity picking up somewhat. However, some warrant cargo has gradually flowed into the spot market, increasing the available supply. Suppliers have been continuously lowering their quotes to facilitate transactions, and the downstream's bargaining willingness has been evident, weighing on spot premiums. Meanwhile, the available supply of high-quality copper remains scarce, and the backwardation spread has widened, still providing some support for quotes of certain brands. Overall, under the combined effect of the copper price pullback boosting demand improvement but the outflow of warrant cargo replenishing spot supply, Shanghai spot copper prices against the 2609 contract are expected to maintain a premium tomorrow.

Сегодня спотовая катодная медь №1 в Северном Китае к контракту с ближайшим месяцем котировалась с премией от 50 до 250 юаней за тонну, средняя премия составила 150 юаней за тонну, без изменений к предыдущему торговому дню. Средняя цена сделки составила 106 870 юаней за тонну, что на 935 юаней за тонну ниже предыдущей сессии;