Shanghai Copper Spot Market Report on May 6th

Update：3/16/2025 2:51:39 PM

SMM May 6th News: Today, Shanghai electrolytic copper spot trading reported a premium of 30 to 140 yuan/ton for the current month's contract, with a transaction price of 47920 yuan/ton to 48020 yuan/ton for flat copper and 48000 yuan/ton to 48120 yuan/ton for premium copper. During the May Day holiday, London copper plummeted to $6150, reaching a new low in nearly three months. Today, Shanghai copper futures made up for the decline, with a drop of over 800 yuan/ton compared to before the holiday. Returning from the holiday, on the first trading day of May, holders still attempted to raise prices, with initial quotes ranging from a premium of 50 yuan/ton to 150 yuan/ton. However, the response was weak and buying was weak. Holders gave up raising prices and lowered their quotes to ship. Good copper was the first to drop to a premium of 120-130 yuan/ton, while average copper dropped to around 40 yuan/ton, but there was still no improvement in transactions. After 10 o'clock, the market rebounded slightly from a low level. Due to the unexpected downstream replenishment, some traders who were eager to cash in voluntarily lowered their prices again, with a flat copper premium of 30 yuan/ton and room for price pressure. Good copper has heard of a premium of 110 yuan/ton, but downstream buyers are hesitant to buy. Wet copper prices remain at a discount of 50 to 30 yuan/ton. On the first trading day after the holiday, macro bearish sentiment and weak demand put copper prices in a downward channel, with no sign of a stop to the decline yet. The market is still under bearish control, and the high rise and low fall of spot prices have caused a lack of confidence in the buying market. The futures market has shown no price gap in recent months, leaving speculative arbitrageurs at a loss. Today's market performance is weak, but the holding costs of holders are difficult to push spot prices back to the pre holiday discount state.

[Reproduction requires retaining the source - Shanghai Nonferrous Network]