Shanghai Copper Spot Prices Expected to Continue Range-Bound Tomorrow; Discount May Persist

Looking ahead to tomorrow, the Shanghai copper spot market is expected to continue its competitive dynamics. From the supply side, according to SMM, a large amount of non-registered copper is expected to arrive next week, but the actual arrival volume still needs to be observed later, and short-term supply pressure remains. Under the current high inventory conditions, market circulation of goods is relatively abundant, and most holders are willing to sell, putting continued pressure on spot discounts. However, some holders are beginning to show a willingness to support prices. If the discount further widens, holders may choose to deliver rather than continue selling at a discount, providing some support for the lower end of the discount. On the demand side, some downstream companies have seen an increase in order volume and shipment volume this month, indicating a rigid demand for spot goods this month, but sourcing for spot goods this month is relatively difficult. In addition, the price spread between good copper and flat copper remains narrow, indicating that actual consumption demand is becoming the market driver. Overall, the downward space for spot discounts is limited, but the upside is also constrained by high inventory and expectations of import arrivals. It is expected that tomorrow, the Shanghai copper spot price will maintain the current discount level against the 2604 contract. (Shanghai Nonferrous Metals Network)