SMM April 23 News:
Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were quoted at a premium of 200 yuan/mt to 250 yuan/mt, with an average premium of 225 yuan/mt, unchanged from the previous trading day. SX-EW copper was quoted at a premium of 140 yuan/mt to 160 yuan/mt, with an average premium of 150 yuan/mt, also unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,325 yuan/mt, up 1,095 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,250 yuan/mt, also up 1,095 yuan/mt from the previous trading day.
Spot market: Inventory in Guangdong has been declining for 15 consecutive days, and we expect the inventory to continue to drop before the May Day holiday. As a result, some suppliers stood firm on quotes, with standard-quality copper quoted at a premium of 250 yuan/mt in the morning session. However, due to the continuous rise in copper prices, suppliers were reluctant to chase higher prices for purchases, leading them to lower the premiums for sales. Overall trading activity was weaker than yesterday. As of 11:00 AM, high-quality copper against the front-month contract was quoted at a premium of 250 yuan/mt, standard-quality copper at 200 yuan/mt, and SX-EW copper at a premium of 150 yuan/mt.
Overall, as copper prices continued to rise, downstream buyers were unwilling to chase higher prices, resulting in weaker trading activity today compared to yesterday.
