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

Today Shanghai Metals Market 1# electrolytic copper quote is 95300-95780 yuan/ton, with an average price of 95540 yuan/ton. Compared with the previous trading day, it rose by 210 yuan/ton, and for the SHFE copper 2604 contract it is quoted at a discount of 80-40 yuan/ton. This morning, copper prices continued a narrow-range volatility trend. As of the noon close, the benchmark Shanghai copper futures contract fell by 20 yuan/ton, a decline of 0.02%. Today, spot market trading is generally steady. Shanghai copper continues to trade in a range; the futures month spread stays near flat. Spot price fluctuations are mostly driven by supply and demand. Downstream maintains the phase of pre-holiday replenishment, but the incremental amount remains limited. Imported cargoes arriving at port have been entering the market one after another. Combined with overall stock levels remaining relatively high and signs that destocking is slowing down, spot liquidity is rather ample, and premiums are unlikely to rise. Today’s spot quotes changed little from yesterday. The spread between good copper and flat-price copper continues to narrow, and trades for non-registered copper are relatively better. As of the close, on this website: premium copper is quoted at a discount of 60-40 yuan/ton; flat-price copper is quoted at a discount of 80-60 yuan/ton; wet-process copper is quoted at a discount of 120-100 yuan/ton; non-registered copper is quoted at a discount of 190-160 yuan/ton. (SHMET)