SMM March 7 News:
Today, spot #1 copper cathode in Guangdong was quoted at a discount of 50 yuan/mt to a premium of 20 yuan/mt against the front-month contract, with the average price at a discount of 15 yuan/mt, flat from the previous trading day. Hydro copper was quoted at a discount of 130-110 yuan/mt, with the average price at a discount of 120 yuan/mt, down 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,775 yuan/mt, up 510 yuan/mt from the previous trading day, while the average price of hydro copper was 78,670 yuan/mt, up 500 yuan/mt from the previous trading day.
Spot market: Guangdong inventory has declined for four consecutive days, mainly due to reduced arrivals. Affected by the inventory drop, suppliers stood firm on quotes, with standard-quality copper briefly quoted at a discount of 30 yuan/mt during the morning session. However, downstream buyers showed limited restocking interest amid the continuous rise in copper prices, with only small-scale purchases. As a result, suppliers had to lower premiums to facilitate sales. By 11:00 am, high-quality copper was quoted at a premium of 20 yuan/mt against the front-month contract, standard-quality copper at a discount of 50 yuan/mt, and hydro copper at a discount of 120 yuan/mt. Overall, spot trades were not active today, with transactions weaker than yesterday.
In summary, despite the inventory pullback, copper prices continued to rise, and downstream buyers refrained from chasing the rally, leading to weaker spot trades.
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