Shanghai Copper Premiums Tumble Amid Sluggish Consumption
Copper premiums in Shanghai have come under pressure due to sluggish consumption and elevated SHFE copper prices. According to SMM, spot copper against the SHFE copper 2608 contract remains at a premium, but its overall center is expected to stabilize at low levels.
The social inventory of standard-quality copper in Shanghai stood at 76,100 mt, down 900 mt from last month. Meanwhile, suppliers have started organizing shipments for export as the export window for copper cathode has opened.
Despite slight destocking and export demand providing support to spot premiums, weak domestic consumption continues to weigh on the market. Transactions for standard-quality copper saw no marked improvement, with market purchases still dominated by rigid demand.