Shanghai Metal Market: Copper prices plummeting within the range, spot circulation decreasing, and premiums narrowing

Today, Shanghai Metal Market #1 electrolytic copper quotation is 100,340-102,020 yuan/ton, with an average of 101,180 yuan/ton, down 3,010 yuan/ton from the previous trading day. The Shanghai copper 2602 contract is quoted at a discount of 90-40 yuan/ton. Today, copper prices fell sharply, with the main Shanghai copper contract closing midday down 3,510 yuan/ton, a decline of 3.35%. Market spot transactions are relatively weak today, as the approaching holiday causes downstream stockpiling to gradually slow down. It is expected that actual consumption will further decrease next week, and demand support for spot is weak. Futures month spreads remain in backwardation and have slightly widened, with holders increasing warehouse deliveries. Today, reduced circulation in the spot market has led to further narrowing of discounts, indicating a supply and demand reduction. By midday close, the premium for SHMET copper is 60-40 yuan/ton, cash copper is quoted at 90-70 yuan/ton, wet-process copper at 150-120 yuan/ton, and non-registered copper at 250-200 yuan/ton. (SHMET)