Shanghai Metal Market: Shanghai Copper Price Range Center Shifts Lower, Downstream Consumption Remains Steady with Slight Increase

Today, Shanghai Metal Network #1 electrolytic copper is quoted at 100,800-101,200 yuan/ton, with an average price of 101,000 yuan/ton. This is down 490 yuan/ton versus the previous trading day. For the Shanghai copper 2603 contract, it is quoted at a discount of 120 yuan/ton to parity/flat (i.e., at a -120 to flat/0 yuan/ton level).

In the morning, copper prices moved in a weak range-bound manner. By the midday close, the main Shanghai copper contract had risen by 30 yuan/ton, up 0.03%. Today, spot market transactions were reasonably active. As copper prices fell back to the lower end of the range, downstream buyers’ willingness to purchase at lower levels increased. Ahead of the weekend, stockpiling demand provided support for spot prices.

The futures month spread narrowed. Holders increased their selling intensity, and together with high inventories and additional imported supplies, spot availability remained relatively ample. Compared with earlier, the gap between supply and demand has narrowed, and spot discounts have continued to stabilize and improve. By the close, premium copper on the website was quoted at a discount of 50- flat/0 yuan/ton; flat/0 copper was quoted at a discount of 120- discount of 50 yuan/ton; hydrometallurgical copper was quoted at a discount of 140- discount of 120 yuan/ton; and non-registered copper was quoted at a discount of 220- discount of 180 yuan/ton. (SHMET)