Shanghai Metal Network: Shanghai Copper's center of gravity shifts upward, downstream stocks according to demand

Today, Shanghai Metal Market’s #1 electrolytic copper quotation is 96,720-97,000 yuan/ton, with an average of 96,860 yuan/ton. Compared with the previous trading day, it is up by 1,320 yuan/ton, and the SHFE copper 2604 contract is quoted at a discount of 80-20 yuan/ton. Copper prices are fluctuating and rising; by the midday close, the main SHFE copper contract is up by 1,370 yuan/ton, a 1.43% increase. Today, spot market trading is steady. During the week, the center of gravity of copper prices moves up. Ahead of the holiday, downstream buyers have demand-driven stockpiling, and maintaining the daily procurement rhythm provides some support for discounts. However, social inventories remain high, together with imported arrivals, keeping overall market supply ample, which limits the room for discounts to narrow. Today, spot discounts narrowed slightly compared with yesterday. By the close, the website’s discounted copper is quoted at 40-20 yuan/ton (premium/discount), the flat copper at 80-50 yuan/ton, the wet-process copper at 130-100 yuan/ton, and the non-registered copper at 180-150 yuan/ton. (SHMET)