Today, Guangdong #1 copper cathode spot premiums for the current month contract were reported at 0 yuan/mt to 50 yuan/mt, with an average premium of 25 yuan/mt, flat from the previous trading day. Hydro copper was reported at a discount of 70 yuan/mt to 30 yuan/mt, with an average discount of 50 yuan/mt, also flat from the previous trading day. The average price of Guangdong #1 copper cathode was 72,315 yuan/mt, down 125 yuan/mt from the previous trading day, while the average price of hydro copper was 72,240 yuan/mt, down 125 yuan/mt from the previous trading day.
Spot market: Today, Guangdong inventory saw a sharp drop, mainly due to a significant decrease in arrivals. Although inventory dropped sharply, approaching delivery, downstream replenishment willingness was average, and a large number of warrants were still flowing out, causing today's spot premiums to only maintain yesterday's level. As of 11:00, high-quality copper for the current month contract was reported at a premium of 50 yuan/mt, standard-quality copper at zero yuan/mt, and hydro copper at a discount of 50 yuan/mt. We expect spot trades to significantly improve after the month change, that is, on Friday.
Overall, spot trades were quiet before delivery, expected to improve significantly on Friday.
