SMM April 14 Update:
Guangdong #1 copper cathode spot prices against the front-month contract today: high-quality copper was quoted at a premium of 230 yuan/mt, up 30 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 150 yuan/mt, up 20 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 90 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 101,080 yuan/mt, up 2,150 yuan/mt from the previous trading day, and the average price of SX-EW copper was 100,980 yuan/mt, up 2,145 yuan/mt from the previous trading day.
Spot market: Guangdong inventory continued to decline and had fallen for 20 consecutive trading days. The ongoing inventory drawdown strengthened suppliers' willingness to hold prices firm. However, after the sharp rise in copper prices, end-users' willingness to restock declined compared to before, and overall trading activity was weaker than the previous day. The purchasing sentiment for copper cathode in Guangdong today was 2.22, down 0.02 from the previous trading day, and the shipments sentiment was 3.64, down 0.04 from the previous trading day (historical data can be accessed via the database).
Overall, copper prices surged significantly and premiums rose in tandem, weakening spot trades.
