Copper Prices Center Shifted Upward, Downstream Consumption Showed Signs of Weakness [SMM North China Spot Copper]

Looking ahead, the Shanghai copper spot market is expected to remain strong. Although some holders sold off part of their inventories at low prices during the day, this did not suppress the spot premium/discount; overall quotes stayed firm, reflecting strong support for the current premium. From the delivery logic, as the delivery date approaches, the inter-month Contango spread remains at a certain width, and holders' willingness to hold positions for delivery supports the spot premium. Additionally, tomorrow some holders may start making tentative quotes for the next-month contract, shifting market focus to post-rollover pricing. In summary, the spot premium over the 2604 contract for Shanghai copper is expected to remain.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market is expected to continue its relatively strong trend. In terms of market performance, although some suppliers engaged in offloading behavior during the day by selling part of their cargoes at low prices, this did not suppress spot premiums, with overall quotes remaining firm, reflecting strong support below current premium levels. From the delivery logic perspective, as the delivery date draws closer, the inter-month Contango price spread between futures contracts still maintains a certain width, and suppliers have a strong willingness to hold open interest for delivery, providing support for spot premiums. In addition, some suppliers may begin to make tentative quotes against the next-month contract tomorrow, with market focus gradually shifting toward pricing after the contract rollover. Overall, spot copper prices against the SHFE copper 2604 contract are expected to maintain a premium tomorrow.