Shanghai Copper Inventory Rises Over Weekend Amid Stable Premiums and Market Hesitation

Over the weekend, Shanghai experienced a rise in copper inventory levels, increasing by 8,100 metric tons to reach a total of 84,000 metric tons, predominantly from imported sources. Despite this accumulation, suppliers showed little urgency to release their stockpiles, leading to a potential easing of spot premiums for SHFE copper. On August 4, 2025, spot premiums for SMM #1 copper cathode against the August 2508 futures contract ranged between 140 and 220 yuan per metric ton, averaging 180 yuan/mt—a slight increase of 5 yuan/mt from the previous day. Copper prices for the same grade fluctuated between 78,350 and 78,490 yuan/mt, with futures contracts gradually rising in the morning session and maintaining a nearly flat price spread, indicating a backwardation of 10-20 yuan/mt. The current month’s import loss for SHFE copper narrowed to within 500 yuan/mt. During trading, mainstream standard-quality copper was quoted at premiums of 170-260 yuan/mt, though transactions at the higher end faced resistance, prompting a slight adjustment downward. In Changzhou, immediate procurement was observed at premiums of 80-100 yuan/mt. Premium transactions for high-quality copper, such as Jinch...