SMM, February 11:
Today, spot #1 copper cathode in Guangdong was quoted at a discount of 230 yuan/mt to parity against the front-month contract, with an average discount of 115 yuan/mt, up 25 yuan/mt from the previous trading day. Hydro copper was quoted at a discount of 300-260 yuan/mt, with an average discount of 280 yuan/mt, up 50 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 76,945 yuan/mt, up 80 yuan/mt from the previous trading day, while the average price of hydro copper was 76,780 yuan/mt, up 105 yuan/mt.
Spot market: As downstream factories gradually resumed normal production, stimulating increased demand, copper inventories in Guangdong finally ended a 15-day consecutive rise and saw a slight decline today. As a result, suppliers stood firm on quotes, pushing spot premiums higher compared to yesterday. Notably, low-priced standard-quality copper was quickly sold out during the morning session, prompting suppliers to actively raise premiums for subsequent transactions. Overall trading activity was better than yesterday. As of 11:00 am, high-quality copper against the front-month contract was quoted at parity, standard-quality copper at a discount of 200 yuan/mt, and hydro copper at a discount of 250 yuan/mt. Attention should be paid to whether inventories will continue to increase significantly in the future.
In summary, demand increased, inventories ended a 15-day rise, spot premiums continued to climb, and overall trading activity was better than yesterday.
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