Today, Guangdong #1 copper cathode was quoted at a premium of 0-50 yuan/mt over the current month contract, with an average premium of 25 yuan/mt, down 10 yuan/mt from the previous trading day. Hydro copper was quoted at a discount of 70-30 yuan/mt, with an average discount of 50 yuan/mt, down 10 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 72,440 yuan/mt, up 1,040 yuan/mt from the previous trading day, and the average price of hydro copper was 72,365 yuan/mt, up 1,040 yuan/mt from the previous trading day.
Spot market: Today, Guangdong inventory ended a four-day decline and rose again. Approaching delivery, smelters' shipments increased, and downstream consumption weakened after copper prices rose. In addition, warrants are still flowing out in large quantities. Currently, Guangdong warrant volume is 50,024 mt, down 1,323 mt from yesterday, causing today's spot premiums to fall compared to yesterday. As of 11:00, high-quality copper was quoted at a premium of 50 yuan/mt over the current month contract, standard-quality copper at zero yuan/mt, and hydro copper at a discount of 50 yuan/mt.
Overall, as copper prices surged, downstream procurement decreased and spot premiums fell. The overall trading was not as good as yesterday.
