Shanghai Metal Market: Shanghai copper prices fluctuate with moderate spot trading activity

Today, Shanghai Metals Market #1 electrolytic copper prices are 95100-95680 yuan/ton, with an average price of 95390 yuan/ton. Compared with the previous trading day, it increased by 80 yuan/ton. For the SHFE copper 2604 contract, it is quoted at a discount of 130-70 yuan/ton. This morning, copper prices continued to trade with volatility. As of the midday close, the main SHFE contract rose by 260 yuan/ton, up 0.27%. Today, the spot market performance was average. With high inventories and expectations for incoming imports, spot supplies are relatively ample, which keeps pressure on premiums and causes the futures month spread to turn from a premium to a discount. Holders have a strong willingness to sell, but downstream demand for incremental volumes is relatively limited, and spot prices continue to trade at discounts. In recent days, the widening of discount rates has narrowed somewhat. If the month spread continues to expand or triggers sellers’ willingness to deliver, the discounts are expected to slow down and stabilize. As of the midday close, this website’s discounted copper quotes are: for premium-at-par copper, a discount of 100-70 yuan/ton; for flat (par) copper, a discount of 130-80 yuan/ton; for wet-process copper, a discount of 160-140 yuan/ton; and for non-registered copper, a discount of 220-180 yuan/ton. (SHMET)