SMM March 26 News:
Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were quoted at a premium of 100 yuan/mt to 160 yuan/mt, with an average premium of 130 yuan/mt, down 60 yuan/mt from the previous trading day. SX-EW copper was quoted at a premium of 30 yuan/mt to 50 yuan/mt, with an average premium of 40 yuan/mt, down 50 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 82,960 yuan/mt, up 1,125 yuan/mt from the previous trading day, while the average price of SX-EW copper was 82,870 yuan/mt, up 1,135 yuan/mt from the previous trading day.
Spot market: Inventory in Guangdong increased for three consecutive days, mainly due to increased arrivals and reduced outflows from warehouses. Copper prices continued to rise in the morning session, but downstream buyers were reluctant to rush to buy amid continuous price rise. Suppliers had to continuously lower premiums to sell, yet transactions remained scarce today. As of 11:00, high-quality copper against the front-month contract was quoted at a premium of 160 yuan/mt, standard-quality copper at a premium of 100 yuan/mt, and SX-EW copper at a premium of 40 yuan/mt. SX-EW copper supply was limited, and the price spread between it and standard-quality copper narrowed.
Overall, copper prices surged while downstream purchase willingness remained weak, and spot premiums pulled back significantly.
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