Today, #1 copper cathode spot was quoted at a discount of 90 yuan/mt to 40 yuan/mt against the 2407 contract, with an average price at a discount of 65 yuan/mt, up 5 yuan/mt from the previous trading day. Standard-quality copper traded at 78,340-78,660 yuan/mt, and high-quality copper traded at 78,370-78,680 yuan/mt. The SHFE copper 2407 contract opened higher but moved downwards, initially fluctuating around 78,620-78,730 yuan/mt. At 10:30 AM, it sharply dropped to 78,420 yuan/mt, then slightly rebounded to fluctuate around 78,600 yuan/mt. The price spread between the SHFE copper 2407 and 2408 contracts fluctuated at contango 300-260 yuan/mt.
Today, spot premiums saw a three-day consecutive rise, with spot transactions remaining flat compared to yesterday. At the beginning of the session, mainstream standard-quality copper was quoted at a discount of 90 yuan/mt, with some sources quoted at a discount of 80-70 yuan/mt. High-quality copper such as CCC-P and JNMC was quoted at a discount of 50-60 yuan/mt, with some transactions. Guixi copper was quoted at a discount of 20 yuan/mt. After low-priced sources were swept up, spot premiums continued to rise. During the mainstream trading period, mainstream standard-quality copper dropped to a discount of 60-70 yuan/mt, and high-quality copper was quoted at a discount of 40-50 yuan/mt, with some transactions. Hydro copper was tight in supply. By 11:00 AM, prices gradually stabilized, with downstream maintaining just-in-time procurement, but the rebound in copper prices weakened purchasing desire.
In the early market, spot premiums continued to rise, with some downstream demand shifting to imported non-registered sources. The tight supply and demand situation for spot goods further continued. Sellers held their offers firm, making it difficult for premiums to drop in the short term. Spot premiums are expected to rise further tomorrow.
