SMM March 14 News:
Today, spot #1 copper cathode in Guangdong was quoted at a premium of 40-100 yuan/mt against the front-month contract, with an average premium of 70 yuan/mt, up 10 yuan/mt from the previous trading day. Hydro copper was quoted at a discount of 30-10 yuan/mt, with an average discount of 20 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 79,910 yuan/mt, up 310 yuan/mt from the previous trading day, while the average price of hydro copper was 79,855 yuan/mt, up 345 yuan/mt from the previous trading day.
Spot market: Guangdong inventory has declined for nine consecutive days, with arrivals still limited and expected to fall below the 50,000 mt threshold. Suppliers stood firm on quotes, but downstream purchasing interest weakened compared to yesterday as the contract rollover approached, resulting in only a slight increase in premiums. As of 11:00 am, high-quality copper was quoted at a premium of 100 yuan/mt against the front-month contract, standard-quality copper at a premium of 40 yuan/mt, and hydro copper at a discount of 20 yuan/mt.
Overall, inventory continued to decline, and suppliers stood firm on quotes, but downstream buyers were reluctant to purchase more as the contract rollover approached, leading to moderate trading activity.
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