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Buyers and Sellers Remain Inactive, Daily Premiums Edge Down Slightly [SMM SHFE Spot Copper]
Jan 17, 2025, at 4:09 am
[SMM Spot Copper] During the day, mainstream standard-quality copper was quoted at a premium of 60-90 yuan/mt against the front-month contract, while high-quality copper was quoted at a premium of 90-110 yuan/mt. Spot premiums declined as expected during the day, with overall market consumption remaining sluggish. However, due to the widening contango structure in the inter-month spread, suppliers faced lower holding costs, and some were reluctant to sell at low prices. Overall trading sentiment was sluggish, with some companies turning to the bonded copper market for restocking ahead of the holiday, leading to weaker domestic trade sentiment. Spot premiums are expected to decline further next Monday.
SMM January 17 News: Today, #1 copper cathode spot premiums against the current-month 2502 contract were quoted at 60-110 yuan/mt, with an average of 85 yuan/mt, down 5 yuan/mt from the previous trading day. Standard-quality copper traded at 76,210-76,400 yuan/mt, while high-quality copper traded at 76,240-76,420 yuan/mt. The SHFE copper 2502 contract fluctuated upward during the morning session, initially testing 76,090 yuan/mt before rising and peaking at 76,390 yuan/mt before the close. The price spread between the SHFE copper 2502 and 2503 contracts fluctuated at C160-C190 yuan/mt.
Copper prices continued to rise during the day, and the contango structure between months widened. Early in the morning session, mainstream standard-quality copper was quoted at premiums of around 80-90 yuan/mt, while high-quality copper such as CCC-P and Jinchuan (plate) was quoted at premiums of 100-110 yuan/mt. After delivery, there was some replenishment of mainstream standard-quality copper, and downstream consumption in northern regions weakened before the holiday, leading to some spot cargoes moving south. Market liquidity improved compared to earlier. Some suppliers actively lowered premiums to facilitate sales. During the main trading session, mainstream standard-quality copper was quoted at premiums of 60-80 yuan/mt, while high-quality copper was quoted at premiums of 90-110 yuan/mt. Hydro copper saw limited transactions at a discount of 50 yuan/mt. By 11:00 a.m., market premiums had slightly retreated, with a persistent sentiment of tight supply, while downstream buying interest remained sluggish.
As expected, premiums declined during the day, and overall market consumption was weak. However, with the widening contango structure between months, suppliers' holding costs decreased, and some were reluctant to sell at low prices. Overall trading sentiment was sluggish, with some companies turning to the bonded copper market for restocking before the holiday, while domestic trade sentiment remained weak. Spot premiums are expected to decline further next Monday.
