Shanghai Metal Market: Shanghai copper price center shifts downward, downstream consumption is average

Today, Shanghai Metals Market’s price for #1 electrolytic copper is quoted at 99,950-100,400 yuan/ton, with an average price of 100,175 yuan/ton, an increase of 1,095 yuan/ton compared to the last trading day, with the Shanghai copper 2604 contract quoted at a discount of 150 to 50 yuan/ton. Copper prices continue to show a range-bound trend, with Shanghai copper experiencing a volatile rebound in the morning session. By noon, the main contract for Shanghai copper rose by 520 yuan/ton, an increase of 0.52%. The spot market today has seen average trading, with copper prices shifting downward, but the 100,000 yuan level remains relatively firm, while downstream consumption has increased only slightly. After delivery, the monthly spread remains at a discount, converging to a hundred yuan level, with sellers showing strong willingness to sell. The opening of the import window has raised expectations for increased supply, leading to an overall ample supply of spot copper, which puts pressure on the premiums. By the market close, our premium copper was quoted at a discount of 80 to 50 yuan/ton, flat copper at a discount of 150 to 70 yuan/ton, wet-process copper at a discount of 200 to 170 yuan/ton, and non-registered copper at a discount of 230 to 200 yuan/ton. (SHMET)