Shanghai Metal Market: Shanghai Copper Month-Change Delivery, Limited Spot Liquidity

Today, Shanghai Metal Market’s #1 electrolytic copper quotation is 101,000-102,150 yuan/ton, with an average of 101,575 yuan/ton, up 1,300 yuan/ton from the previous trading day. The Shanghai Copper 2602 contract is reported to be up 140-400 yuan/ton. During the Spring Festival, overseas markets maintained range-bound fluctuations, with overall prices remaining relatively strong. This morning, Shanghai copper opened higher and continued to rise compared to the previous trading day. By midday, the main contract closed up 1,320 yuan/ton, a 1.31% increase. The spot market sentiment has improved compared to before the holiday, but downstream consumption remains moderate, mainly driven by trading. The 02-03 contracts remain at a discount, with holders shifting to quote a discount for the 03 contract. Spot circulation around delivery is relatively limited, leading to a significant premium for the current month. Currently, warehouse stocks are backlogged due to delivery, combined with relatively strong copper price fluctuations, so premiums are expected to weaken after delivery. At the close, the premium for the 02 contract is reported at 280-400 yuan/ton, the spot copper at 140-240 yuan/ton, wet-process copper at 100-180 yuan/ton, and non-registered copper at 60-80 yuan/ton. (SHMET)