Approaching the Qingming holiday, downstream restocking demand remained low, and spot copper premiums only remained flat compared to the previous day.

SMM April 2 News:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were reported at a discount of 20 yuan/mt to a premium of 40 yuan/mt, with an average premium of 10 yuan/mt, unchanged from the previous trading day. SX-EW copper was reported at a discount of 90 yuan/mt to 70 yuan/mt, with an average discount of 80 yuan/mt, also unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 79,935 yuan/mt, up 35 yuan/mt from the previous trading day, while the average price of SX-EW copper was 79,845 yuan/mt, also up 35 yuan/mt from the previous trading day.

Spot market: Today, inventory in Guangdong finally ended its seven consecutive days of increase and started to decline, mainly due to a significant reduction in arrivals. Although inventory has started to decrease again, downstream consumption remains moderate, and the willingness to restock before the holiday is not strong, so spot premiums remained unchanged. As of 11:00, high-quality copper against the front-month contract was reported at a premium of 40 yuan/mt, standard-quality copper at a discount of 20 yuan/mt, and SX-EW copper at a discount of 80 yuan/mt.

Overall, despite the approaching Qingming holiday, downstream restocking demand remains low, and spot premiums only remained flat compared to yesterday.

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