Shanghai-bonded copper stocks drop 16,000 mt on week

Recently, the PCB concept has continued to rally, with share prices of related publicly listed firms performing strongly. Currently, downstream demand from AI, communications, and other sectors continues to improve, driving sufficient orders in the CCL market. Meanwhile, copper prices have recently been fluctuating at highs and fiberglass cloth supply remains tight, pushing raw material costs to rise. Under the dual effects of rising raw material costs and robust downstream demand, a price-increase sentiment has emerged for products such as copper clad laminates (CCL).

Nuode company's RTF-3 and HVLP-1/2 products have entered the supply chain systems of multiple top-tier producers in China and Taiwan. HVLP-3/4 products are simultaneously undergoing sample testing. Currently, the company's new products such as HVLP have gradually passed certification by some downstream clients. Currently, orders for the company's high-value-added products, such as ultra-high tensile strength and ultra-high elongation foils, high-end electronic standard foils, etc., are steadily rising, with a relatively full order book. The business covers diversified application fields including power batteries, energy storage, consumer electronics, and high-end PCBs.

Looking ahead to tomorrow, copper prices remain at a relatively high level, downstream demand is weak, and the market is dominated by just-in-time procurement. Trading sentiment has pulled back slightly for consecutive days, and market transactions are sluggish. In terms of market structure, the inter-month Contango price spread between futures contracts remains around 150 yuan/mt. Suppliers show a strong willingness to hold open interest for delivery, and some inclination to hold prices firm has emerged, with some suppliers offering standard-quality copper cargoes with invoices dated this month at a discount of 120 yuan/mt during the day. Overall, Shanghai spot copper prices against the SHFE copper 2606 contract are expected to remain at a discount tomorrow, but downside room is limited.