Copper Prices Surge Above 109,000 Yuan Amid Tight Supply

Copper prices have surged above 109,000 yuan per metric ton, but supply remains limited in the market. According to Shanghai Metals Market's (SMM) latest communication, suitable cargoes are quickly traded as traders and downstream buyers show strong enthusiasm. This has led to a widening price spread between cargoes with invoices dated this month and next month, reaching 60-100 yuan per metric ton.

The supply of cargoes with invoices dated this month is particularly tight, especially as the month-end approaches. Suppliers are still seeking to cover their invoices for the current month, making offers for these types of cargoes notably firm.