Copper Premiums Edged Down at Month-End Despite Supplier Support
The Shanghai spot copper market saw thin trading at month-end, and premiums edged down slightly. However, they still had support from suppliers' efforts to hold prices firm. Next-month invoice standard-quality copper quotes were maintained at a premium of 200 yuan/mt or higher, with limited willingness to sell at much lower prices.
The start-of-month procurement cycle is expected to begin next week, releasing restocking demand from some downstream buyers and traders. This may provide support for spot premiums, but the actual growth in downstream purchases remains uncertain due to copper prices remaining high.
Imported copper arrivals may also supplement spot supply, which could impact market dynamics. The overall center is expected to stop falling and rebound next week, with attention paid to import arrivals and their actual replenishment of market supply.