en.Wedoany.com Reported - On May 7, the Shanghai copper 2605 contract in China's Shanghai market showed a pattern of decline-stabilization-rebound during the session. The contract opened at 103,000 yuan/ton, edged down slightly after the open to 102,930 yuan/ton, then rebounded to a high of 103,150 yuan/ton. Subsequently, the price turned downward, falling to 102,630 yuan/ton, and after fluctuating within the 102,630-102,730 yuan/ton range, it stabilized and rebounded, closing at 102,860 yuan/ton. The inter-month Contango spread between futures contracts ranged from 90 yuan/ton to 20 yuan/ton. The import profit/loss for the Shanghai copper 2605 contract was a loss of 180 yuan/ton to a loss of 70 yuan/ton.

Intraday, buying and selling sentiment for Shanghai electrolytic copper in China picked up. Seller sentiment was at 2.7, up 0.06 from the previous period; buyer sentiment was at 2.6, up 0.11 from the previous period. At the morning market open, cargo holders quoted mainstream standard-grade copper at a premium of 70-100 yuan/ton, with Lufang and Xiangguang quoted at a premium of 100 yuan/ton, Dajiang PC, Jinguan, Jinfeng, Tiefeng, and Zhongtiaoshan quoted at a premium of 70-80 yuan/ton, high-grade copper Guiye quoted at a premium of 120 yuan/ton, and non-registered copper quoted at a discount of 40-30 yuan/ton. During the second trading session, cargo holders lowered their quotes. Jintun PC, Jinguan, and Jinxin reported ex-factory self-pickup premiums of 80 yuan/ton, with actual transactions at premiums of 60-80 yuan/ton; Dajiang PC, Tiefeng, Zijin, and Dajiang HS quoted premiums of 40-60 yuan/ton, while Xiangguang and Lufang quoted premiums of 80 yuan/ton. Supply of registered SX-EW copper was tight, with only some Myanmar-sourced cargo circulating, quoted at a premium of 20 yuan/ton.

Morning premium quotes were relatively high, but market trading failed to follow through. Cargo holders actively lowered their quotes during the second trading session, with the premium center shifting noticeably lower compared to the early morning. This phenomenon reflects that, amid high and fluctuating copper prices, downstream acceptance of high copper prices and spot premiums is limited, with procurement mainly driven by rigid demand. Overall, under the tug-of-war between increased willingness of cargo holders to sell and demand suppressed by high copper prices, spot premiums for Shanghai copper against the 2605 contract are expected to remain in premium territory tomorrow.

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