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Inventory Declines for Three Consecutive Days but Shipments Remain High; Spot Premiums Edge Up Slightly [SMM South China Spot Copper]

  • Feb 27, 2025, at 11:57 am
SMM February 27 News: Today, spot #1 copper cathode in Guangdong was quoted at a discount of 70-10 yuan/mt against the front-month contract, with an average discount of 30 yuan/mt, up 5 yuan/mt from the previous trading day. Hydro copper was quoted at a discount of 170-130 yuan/mt, with an average discount of 150 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 76,865 yuan/mt, down 205 yuan/mt from the previous trading day, while the average price of hydro copper was 76,745 yuan/mt, down 180 yuan/mt from the previous trading day. Spot market: Guangdong inventory has declined for three consecutive days, now falling below 70,000 mt and 7,500 mt lower than the highest level this year. Although both inventory and copper prices have decreased, a large volume of warehouse warrants continued to flow out, and downstream restocking demand near month-end remained moderate, resulting in relatively small changes in premiums for standard-quality copper. As of 11:00 am, high-quality copper was quoted at 10 yuan/mt against the front-month contract, standard-quality copper at a discount of 70 yuan/mt, and hydro copper at a discount of 150 yuan/mt. However, due to the limited supply of high-quality copper and hydro copper, prices remained relatively firm. Overall, despite three consecutive days of inventory declines, shipments remained relatively high, and spot premiums only saw a slight increase. 》Subscribe to view historical SMM metal spot prices.
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