SMM, February 24:
Today, spot #1 copper cathode in Guangdong was quoted at a discount of 80 yuan/mt to parity against the front-month contract, with an average discount of 40 yuan/mt, up 25 yuan/mt from the previous trading day. Hydro copper was quoted at a discount of 220-180 yuan/mt, with an average discount of 200 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 77,090 yuan/mt, down 270 yuan/mt from the previous trading day, while the average price of hydro copper was 76,930 yuan/mt, down 265 yuan/mt.
Spot market: After the weekend, Guangdong inventory ended its three-day decline and began to increase again, mainly due to higher arrivals over the weekend. Although inventory increased, downstream restocking picked up after copper prices fell, prompting suppliers to stand firm on quotes, leading to a slight rise in premiums today. As of 11:00 am, high-quality copper was quoted at parity against the front-month contract, standard-quality copper at a discount of 80 yuan/mt, and hydro copper at a discount of 200 yuan/mt. Attention should be paid to whether inventory will continue to rise in the future; if so, premiums may decline again.
Overall, the decline in copper prices stimulated downstream restocking, which slightly pushed up premiums, and overall trading was moderate.
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