Copper prices edged slightly lower, while the Shanghai spot copper market showed signs of recovery. [SMM Shanghai Spot Copper]
Jan 9, 2026 12:09
[SMM Shanghai Spot Copper] Next week, Shanghai is expected to remain in a state of continuous inventory buildup. The persistent discount has led suppliers to convert most of their spot cargo into warrants for futures delivery. As the delivery date approaches next week, the discount is anticipated to narrow further.
SMM January 9 News:
Today, SMM's #1 copper cathode spot prices against the current month 2601 contract were quoted at a discount of 140 yuan/mt to a premium of 50 yuan/mt, with the average price at a discount of 45 yuan/mt, up 20 yuan/mt from the previous trading day; SMM's #1 copper cathode prices were 99,460–101,090 yuan/mt. In the morning session, the SHFE copper 2601 contract showed a trend of dipping and rebounding, accompanied by fluctuations at highs. It opened at 100,000 yuan/mt and continued to decline, twice dipping below 99,100 yuan/mt, then continuously climbed to 101,200 yuan/mt, dropped back slightly, and fluctuated around 100,700 yuan/mt before closing at 100,730 yuan/mt. The contango spread between nearby contracts ranged from 70 yuan/mt to 200 yuan/mt, while the import loss for the current month's SHFE copper contract was between 770–900 yuan/mt.
In the morning session, suppliers quoted standard-quality copper at a discount of 120 yuan/mt to 10 yuan/mt, while high-quality copper Jinchuan (plate) maintained a premium of 50 yuan/mt. Xiangguang, Lufang, JCC, etc., traded quickly, while Zhongtiaoshan, Jinguan, Jinfeng, etc., traded between a discount of 140 yuan/mt and 90 yuan/mt. Entering the second session, market availability of Xiangguang, Lufang, JCC, etc., was limited, while quotations for Zhongtiaoshan, etc., remained almost unchanged, with relatively weak consumption. The downstream demand for products processed by Continuous Casting Machine and Rod Breakdown Mill equipment remained tepid. Meanwhile, industry players involved in Copper And Aluminum Machinery are closely monitoring the price movements for procurement planning.
Looking ahead to next week, the Shanghai area is still in a continuous inventory buildup trend. The persistent discount situation has led suppliers to convert most of their supplies into futures delivery warrants. As the delivery date approaches next week, the discount is expected to narrow further. The performance of equipment such as Horizontal Drawing Bench in processing plants may also be influenced by the ongoing market adjustments in copper prices and inventory levels.
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