General Administration of Customs: China's March Copper Cathode Imports Declined 21.12% YoY, Breakdown of Data

[SMM Shanghai spot copper] Intraday copper prices declined, with the SHFE copper 2607 contract trading mainly in the range of 102,700 yuan/mt to 103,400 yuan/mt. According to SMM, affected by this, some downstream copper rod enterprises saw a release of orders, which were characterized by "small volumes and high frequency." The willingness of end-users to buy the dip gradually emerged, and market purchasing sentiment recovered somewhat.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the intraday copper price center is expected to shift lower, boosting downstream buyers' willingness to restock at lower prices, with some processing enterprises reporting order releases. The month spread structure has shifted from contango to backwardation. Suppliers' delivery profits from holding positions rose, with a strong reluctance to sell. Low-priced available cargoes on the market were tight. After the quick deals of discounted materials in early trading, quotes continued to be raised, and the premium for high-quality copper has widened to 60-100 yuan/mt. Supply side, SMM recorded that Shanghai's social inventory on June 11 was 155,700 mt, down 11,400 mt from June 8, mainly due to concentrated maintenance by domestic smelters and reduced imported arrivals, with spot circulation remaining tight. Overall, under the combined effect of delivery logic, backwardation structure support, and marginal consumption improvement, Shanghai spot copper prices against the SHFE copper 2606 contract are expected to maintain a premium and sustain a firm trend.