SMM April 15 update:
Guangdong #1 copper cathode spot prices against the front-month contract today: high-quality copper was quoted at a premium of 240 yuan/mt, up 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a spot premium of 160 yuan/mt, up 10 yuan/mt from the previous trading day; SX-EW copper was quoted at a spot premium of 100 yuan/mt, up 10 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 102,905 yuan/mt, up 1,825 yuan/mt from the previous trading day, and the average price of SX-EW copper was 102,805 yuan/mt, up 1,825 yuan/mt from the previous trading day.
Spot market: Guangdong inventory had declined for 21 consecutive trading days, with low arrivals being the main reason for the sustained inventory drawdown. Although copper prices rose significantly, suppliers remained willing to hold prices firm, as they continued to expect inventory to decline going forward. However, end-user restocking volumes on the delivery day were relatively small, and overall trading activity remained sluggish. Trading is expected to improve again tomorrow. The purchasing sentiment for copper cathode in Guangdong today was 2.19, down 0.03 from the previous trading day, and the shipments sentiment was 3.57, down 0.07 from the previous trading day (historical data can be accessed via the database).
Overall, trading was sluggish on the contract rollover day, but suppliers remained willing to hold prices firm, and spot premiums continued to rise.
