Shanghai Metal Market: Shanghai copper's center of gravity shifts downward, spot transactions are average

Today, Shanghai Metal Network #1 electrolytic copper quotation is 95,400-95,800 yuan/ton, with an average of 95,600 yuan/ton, down 3,360 yuan/ton from the previous trading day, and the SHFE copper 2604 contract is quoted at a premium of 70 yuan/ton or at parity/ton. Last night, copper prices fell sharply, and this morning they continued to fluctuate downward. By midday, the main SHFE copper contract had fallen by 3,270 yuan/ton, a decrease of 3.31%. Today, spot market transactions have warmed up, and the significant drop in copper prices has improved downstream consumption willingness, with active low-cost sourcing still ongoing. During the day, market warehouse circulation increased, coupled with high inventories and import expectations, which still exert pressure on spot prices. By the close, the premium copper reported at a premium of 30 yuan/ton or at parity/ton, the at-par copper at a premium of 70 yuan/ton or at a discount of 20 yuan/ton, wet-process copper at a premium of 90 yuan/ton or at a discount of 70 yuan/ton, and non-registered copper at a premium of 120 yuan/ton or at a discount of 100 yuan/ton. (SHMET)