Last week, spot premiums in Shanghai and SHFE copper prices both rose. On the last day of May, as some companies sold to generate cash, spot premiums fell briefly. After entering June, spot premiums returned to above 300 yuan/mt. It is worth noting that during the week, as copper prices rebounded, downstream consumption cooled down, and most of them purchased as required. However, imported copper was limited, and available spot goods in the market were still tight.
Downstream buyers preferred low-priced goods. However, as the backwardation between the SHFE front-month and SHFE next-month copper contracts shrank to below 200 yuan/mt, sellers were reluctant to sell at low prices and raised prices. Some downstream buyers were forced to accept high premiums.
This week, as the delivery approaches, spot premiums will be affected by the price difference between the SHFE front-month and SHFE next-month copper contracts. Imported copper sources were held by a few sellers, and spot supply is limited. Therefore, spot premiums are unlikely to fall. However, the transaction with premiums of more than 300 yuan/mt will be weak, and it is necessary to continue to pay attention to the shipments of importers.
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