SMM December 31 News:
Today, spot prices of Guangdong #1 copper cathode against the front-month contract were quoted at a premium of 80-130 yuan/mt, with an average premium of 105 yuan/mt, down 70 yuan/mt from the previous trading day. Hydro copper was quoted at a premium of 0-40 yuan/mt, with an average premium of 20 yuan/mt, also down 70 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 73,930 yuan/mt, down 460 yuan/mt from the previous trading day, while the average price of hydro copper was 73,845 yuan/mt, also down 460 yuan/mt.
Spot market: Today, Guangdong inventory increased for the fourth consecutive day, mainly due to higher arrivals and reduced outflows from warehouses. Year-end end-use consumption remained weak, with many enterprises halting production. Additionally, some suppliers were clearing inventory, causing spot prices to decline continuously. In the early session, standard-quality copper was quoted at a premium of 100 yuan/mt but quickly dropped to 80 yuan/mt. As of 11:00, premiums against the front-month contract were 130 yuan/mt for high-quality copper, 80 yuan/mt for standard-quality copper, and 20 yuan/mt for hydro copper. Attention should be paid to post-holiday inventory arrivals.
Overall, the year-end effect was evident, with spot trades remaining sluggish. Focus on post-holiday arrivals.
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