At the beginning of the month, suppliers were not in a hurry to sell and stood firm on quotes, but actual transactions were average. [SMM South China Spot Copper]

SMM March 3 News:

Today, spot #1 copper cathode in Guangdong was quoted at a discount of 60 yuan/mt to a premium of 20 yuan/mt against the front-month contract, with the average price at a discount of 20 yuan/mt, up 10 yuan/mt from the previous trading day. Hydro copper was quoted at a discount of 170-150 yuan/mt, with the average price at a discount of 160 yuan/mt, down 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 77,070 yuan/mt, up 165 yuan/mt from the previous trading day, while the average price of hydro copper was 76,930 yuan/mt, up 145 yuan/mt from the previous trading day.

Spot market: After the weekend, Guangdong inventory continued to increase, mainly due to a significant rise in arrivals. Although inventory increased further today, suppliers were generally reluctant to lower prices and stood firm on quotes. In the early session, standard-quality copper was once quoted at a discount of 50 yuan/mt, but downstream buyers did not accept the high price increase, forcing suppliers to lower their quotes. By 11 a.m., high-quality copper was quoted at a premium of 20 yuan/mt against the front-month contract, standard-quality copper at a discount of 60 yuan/mt, and hydro copper at a discount of 160 yuan/mt. Due to the increased supply of hydro copper, the price spread between hydro copper and standard-quality copper widened.

Overall, at the beginning of the month, suppliers were not in a hurry to sell and actively stood firm on quotes, but actual transactions were moderate.

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