SMM April 9 update:
Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 190 yuan/mt, up 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 120 yuan/mt, up 20 yuan/mt from the previous day; SX-EW copper was quoted at a premium of 60 yuan/mt, up 20 yuan/mt from the previous day. The average price of Guangdong #1 copper cathode was 97,620 yuan/mt, down 155 yuan/mt from the previous trading day, and the average price of SX-EW copper was 97,525 yuan/mt, down 150 yuan/mt from the previous trading day.
Spot market: Guangdong inventory continued to decline and had fallen for 17 consecutive days, with tight supply remaining the main driver. With both inventory and copper prices falling, suppliers actively held prices firm. As the weekend approached, downstream buyers also moderately increased procurement volume. Overall, spot trades today were better than the previous day. Today, the copper cathode procurement sentiment in Guangdong was 2.34, up 0.04 from the previous trading day, and the shipments sentiment was 3.78, down 0.03 from the previous trading day (historical data can be accessed via the database).
Overall, both inventory and copper prices declined, and spot trades were better than the previous day.
![China Copper Social Inventory Destocked for Four Consecutive Weeks, Smelting Maintenance Led to Tight Supply [SMM Weekly Data]](https://imgqn.smm.cn/usercenter/mqFqG20251217171710.jpg)
