SMM April 18 News:
Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were quoted at a premium of 120 yuan/mt to 170 yuan/mt, with an average premium of 145 yuan/mt, up 20 yuan/mt from the previous trading day. SX-EW copper was quoted at a premium of 60 yuan/mt to 80 yuan/mt, with an average premium of 70 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 76,345 yuan/mt, up 230 yuan/mt from the previous trading day, while the average price of SX-EW copper was 76,270 yuan/mt, up 230 yuan/mt from the previous trading day.
Spot market: Inventory in Guangdong has declined for 12 consecutive days. Although a smelter in the southwest has completed maintenance, it still needs time to resume normal production, resulting in fewer arrivals. Suppliers stood firm on quotes, but downstream users only purchased as needed. Additionally, a large outflow of warrants led to spot premiums jumping initially and then pulling back. As of 11:00, high-quality copper against the front-month contract was quoted at a premium of 170 yuan/mt, standard-quality copper at 120 yuan/mt, and SX-EW copper at a premium of 70 yuan/mt. Attention will be paid to whether inventory continues to decline next week.
Overall, a large outflow of warrants caused spot premiums to jump initially and then pull back. Attention will be paid to whether inventory continues to decline next week.
