Shanghai Spot Copper Prices Continue to Rise Amid Roll-Over Pressure
The Shanghai spot copper market saw improved trading over the weekend, despite some suppliers facing roll-over needs due to approaching delivery. Prices continued to rise, touching a high of 108,600 yuan/mt before stabilizing at 108,400 yuan/mt.
According to the SHFE 2608 contract, prices retreated after a rapid rise but stabilized and rebounded in early trading. The backwardation spread between front-month contracts ranged from 90 yuan/mt to 170 yuan/mt, while the import profit margin against the 2608 contract for the current month stood between a loss of 1,620 yuan/mt and a loss of 1,520 yuan/mt.
Suppliers quoted standard-quality copper at premiums of 40-70 yuan/mt in the first round of offers, but trimmed their offers slightly in subsequent rounds. Non-registered copper was traded at discounts of 80-60 yuan/mt during the second session.