Shanghai Metal Market: Copper prices rebound within range, spot transactions weaken

Today, Shanghai Metal Market #1 electrolytic copper quotation is 101,280-101,740 yuan/ton, with an average of 101,510 yuan/ton, up 1,885 yuan/ton from the previous trading day. The contract for Shanghai copper 2602 is quoted at a premium of 20 to a premium of 100 yuan/ton. Today, copper prices continued to stay within a range, with intra-day fluctuations and rebounds. By midday close, the main Shanghai copper contract rose by 1,700 yuan/ton, a 1.7% increase. Today, spot market transactions were moderate, as downstream enterprises gradually entered holiday mode, and pre-holiday stocking has nearly been completed. Coupled with the rebound in futures prices leading to subdued consumption. The futures month spread continues to show a C-structure, providing some support to the spot market, but rumors that some newly imported cargoes are entering circulation may pressure spot prices. It is expected that the premium will gradually weaken this week. By the close, our website’s premium copper is quoted at a premium of 80-100 yuan/ton, flat copper at a premium of 20-40 yuan/ton, wet-process copper at a premium of 50-30 yuan/ton, and non-registered copper at a premium of 140-100 yuan/ton. (SHMET)