Inventory and Copper Prices Both Rise While Downstream Consumption Weakens; Overall Trading Activity Falls Short of Yesterday [SMM South China Spot Copper]

SMM February 14 News: Today, spot #1 copper cathode in Guangdong was quoted at a discount of 10 yuan/mt to a premium of 50 yuan/mt against the front-month contract, with an average premium of 20 yuan/mt, up 15 yuan/mt from the previous trading day. Hydro copper was quoted at a discount of 140 yuan/mt to 100 yuan/mt, with an average discount of 120 yuan/mt, down 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 77,460 yuan/mt, up 260 yuan/mt from the previous trading day, while the average price of hydro copper was 77,320 yuan/mt, up 225 yuan/mt from the previous trading day. Spot market: Guangdong inventory has significantly increased for three consecutive days, hitting a new high for the year, mainly due to higher shipments from smelters. Rising copper prices combined with increasing inventory made it difficult for suppliers to stand firm on quotes. Today, spot premiums for standard-quality copper only rose slightly by 10 yuan/mt compared to yesterday. As of 11:00 am, high-quality copper was quoted at a premium of 50 yuan/mt against the front-month contract, standard-quality copper at a discount of 10 yuan/mt, and hydro copper at a discount of 120 yuan/mt. Notably, the continued outflow of non-registered copper further widened the price spread between hydro copper and standard-quality copper. Overall, with both inventory and copper prices rising, downstream consumption weakened. Spot premiums only saw a slight increase, and overall trading activity was less robust than yesterday. 》Subscribe to view historical SMM metal spot prices.

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Inventory and Copper Prices Both Rise While Downstream Consumption Weakens; Overall Trading Activity Falls Short of Yesterday [SMM South China Spot Copper]

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