Shanghai Metal Market: Shanghai Copper Stops Falling and Rebounds, Spot Market Trading Remains Steady

Today on Shanghai Metals Market, the #1 electrolytic copper quotation is 95,480–96,100 yuan/ton, with an average of 95,790 yuan/ton. Compared with the previous trading day, it is up by 190 yuan/ton. For the Shanghai Copper 2604 contract, it is quoted at a discount of 90–10 yuan/ton. Last night, copper prices rebounded after an oversold drop. This morning, Shanghai Copper traded in a range. As of the midday close, the main contract rose by 100 yuan/ton, an increase of 0.1%. Today, the spot market trading was steady. Copper prices stopped falling and rebounded, and before the weekend downstream buyers still made low replenishment purchases to support the spot market. At the same time, holders increased their willingness to sell. During the day, the reported warehouse receipt delivery volume was higher than yesterday, causing the increase in the discount to slow down. Today, the circulation of discount copper is relatively limited, and prices remain relatively firm. The spot and warehouse receipt volumes of standard-grade copper are relatively high. Hydrated and non-registered copper are scarce, and the price spread versus standard-grade copper has narrowed. By the close, on our website, discount copper is quoted at a discount of 30–10 yuan/ton; standard-grade copper is quoted at a discount of 90–40 yuan/ton; hydrated copper is quoted at a discount of 120–100 yuan/ton; and non-registered copper is quoted at a discount of 130–120 yuan/ton. (SHMET)