Honghe Prefecture Launches 2.22 GW New Energy Project Selection in Yunnan Province

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Shanghai spot copper market will officially shift to quoting against the 2605 contract. Market structure side, the Contango price spread between the 2604 and 2605 contracts ran within a range of 100-30 yuan/mt. Suppliers who previously established long-short arbitrage positions under the backwardation structure are now more inclined to hold open interest for delivery to capture the price spread gains under the current structure, with limited willingness to sell spot cargo at low prices, providing some support for spot premiums. Demand side, copper prices rose again intraday, and downstream enterprises generally adopted a wait-and-see stance, with limited acceptance of current price levels and increasingly cautious purchasing. In addition, attention should be paid to the outflow of unmatched warrants after the last trading day; if warrants are released in a concentrated manner, this may exert periodic pressure on spot premiums. Overall, under the dual effects of price spread structure support and high prices suppressing demand, Shanghai spot copper prices against the 2605 contract are expected to maintain a premium tomorrow.

[SMM Tin Midday Review: The Most-Traded SHFE Tin Contract Broke Above the 390,000 Mark, High Prices Suppressed Spot Cargo Transactions]