SMM April 17 News:
Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were quoted at a premium of 100 yuan/mt to 150 yuan/mt, with an average premium of 125 yuan/mt, up 45 yuan/mt from the previous trading day. SX-EW copper was quoted at a premium of 40 yuan/mt to 60 yuan/mt, with an average premium of 50 yuan/mt, up 50 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 76,115 yuan/mt, up 95 yuan/mt from the previous trading day, while the average price of SX-EW copper was 76,040 yuan/mt, up 100 yuan/mt from the previous trading day.
Spot market: Inventory in Guangdong has declined for 11 consecutive days, with tight supply reducing arrivals and moderate downstream consumption. The market generally believes that inventory will continue to decline in the future. Affected by this, suppliers actively stood firm on quotes today. In the morning session, standard-quality copper was once quoted at a premium of 150 yuan/mt, but the excessive increase led to limited purchases. Suppliers had to lower the premium to boost sales, and market activity significantly increased after the adjustment. As of 11:00, high-quality copper against the front-month contract was quoted at a premium of 150 yuan/mt, standard-quality copper at 100 yuan/mt, and SX-EW copper at a premium of 50 yuan/mt.
Overall, continuous inventory decline has stimulated the rise in premiums, and spot trades were better than yesterday.
