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Copper Prices Repeatedly Break New Highs, Weighing on Consumption and Slowing Inventory Drawdown [SMM Shanghai Spot Copper]
Mar 20, 2025, at 4:31 am
SMM Spot Copper: During the day, standard-quality copper was quoted at a discount of 30 yuan/mt to parity against the front-month contract, while high-quality copper was quoted at a premium of 10 yuan/mt to 30 yuan/mt. According to SMM, the pace of destocking in domestic social inventory slowed this week. End-use consumption was under pressure due to continuously rising copper prices. However, the premium difference between Guangdong and Shanghai significantly widened, and it is expected that some suppliers will take the opportunity to ship east China's supplies to the south China region. It is forecasted that the premium will remain around parity tomorrow.
SMM March 20 News: Today, #1 copper cathode spot prices against the current month 2504 contract were at a discount of 30 yuan/mt to a premium of 30 yuan/mt, with the average price at parity, down 20 yuan/mt from the previous trading day; standard-quality copper traded at 81,250-81,600 yuan/mt, and high-quality copper traded at 81,290-81,630 yuan/mt. The SHFE copper 2504 contract broke through the 81,000 yuan/mt mark last night and tested 81,660 yuan/mt in early trading. The price spread between the SHFE copper 2504 and 2505 contracts narrowed from C120-150 yuan/mt to C40-70 yuan/mt. Due to the recent sharp rise in copper prices, spot trading was quiet, and suppliers initially quoted mainstream standard-quality copper at a discount of 30 yuan/mt to a premium of 10 yuan/mt, and high-quality copper at a discount of 10 yuan/mt to a premium of 20 yuan/mt. With some delivery warrants released and some suppliers eager to sell, premiums fell compared to the previous day, but downstream purchasing sentiment was poor, and actual transactions pulled back. During the main trading period, mainstream standard-quality copper traded at a discount of 30 yuan/mt to parity, and high-quality copper traded at a premium of 10 yuan/mt to 30 yuan/mt. SX-EW copper was tight, and offers were scarce. By 11 am, market quotes stabilized, and overall trading slowed. According to SMM, the pace of destocking in domestic social inventory slowed this week. End-use consumption was under pressure due to the continuous rise in copper prices. However, the premium difference between Guangdong and Shanghai significantly widened, and it is expected that some suppliers will take the opportunity to ship east China's supplies to the south China region. It is expected that tomorrow's premiums will remain around parity.
