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During the week transitioning from 2024 to 2025, SHFE copper spot premiums/discounts also underwent significant changes. In the first half of the week, coinciding with the year-end, suppliers actively sold at low prices due to the need for inventory clearance and cash collection, dragging down the actual transaction price of spot copper. However, on the first trading day of 2025, suppliers stood firm on quotes at 100 yuan/mt. Although actual transactions were difficult to achieve, it marked a shift to a high premium situation. Looking ahead to next week, entering the second trading week of 2025 and before the downstream stockpile for the Chinese New Year, spot transactions are expected to show a situation where suppliers stand firm on quotes while downstream buying interest remains inactive, with spot copper maintaining a small premium over futures. Additionally, negotiations for 2025 copper cathode long-term contracts have been relatively challenging. As companies actively conduct annual visits in January, transaction activity is also expected to decline. However, it is worth noting that the inter-month price spread has gradually shifted from Contango to BACK, which will provide support for premiums.
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