Shanghai Metal Network: Shanghai Copper Maintains High Levels, Downstream Just-in-Time Purchases

Today, Shanghai Metals Market’s No. 1 electrolytic copper is quoted at 102,120–103,200 yuan/ton, with an average of 102,660 yuan/ton, up 420 yuan/ton from the previous trading day. For the SHFE copper 2605 contract, it is quoted at a discount of 30 to a premium of 30 yuan/ton. This morning, copper prices fell back from high levels, giving back yesterday’s gains. As of the midday close, the main SHFE copper contract was down 70 yuan/ton, down 0.07%. Today the spot market performance is generally weak: copper prices pulled back from high levels, downstream buyers purchased based on demand, and consumption-side support remained weak. The SHFE copper next-month basis widened, reducing selling momentum among holders. Spot market supply circulation appears to have decreased; with limited supply, the weak demand kept spot premiums temporarily stable, but weak demand still suppressed premiums. As of the close, premium copper on this site was quoted at flat to a premium of 30 yuan/ton; at-par copper was quoted at a discount of 30 to a premium of 10 yuan/ton; wet-process copper was quoted at a discount of 60 to a discount of 40 yuan/ton; and non-registered copper was quoted at a discount of 130 to a discount of 110 yuan/ton. (SHMET)