SMM April 22:
Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were quoted at a premium of 200 yuan/mt to 250 yuan/mt, with an average premium of 225 yuan/mt, up 40 yuan/mt from the previous trading day. SX-EW copper was quoted at a premium of 140 yuan/mt to 160 yuan/mt, with an average premium of 150 yuan/mt, up 40 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 77,230 yuan/mt, up 700 yuan/mt from the previous trading day, while the average price of SX-EW copper was 77,155 yuan/mt, up 700 yuan/mt from the previous trading day.
Spot market: Inventory in Guangdong has declined for 14 consecutive days, with limited arrivals remaining the main reason. Stimulated by this, suppliers continued to stand firm on quotes, but after several days of continuous increases, downstream buyers' willingness to rush to buy amid continuous price rises has decreased compared to yesterday. As of 11:00, high-quality copper against the front-month contract was quoted at a premium of 260 yuan/mt, standard-quality copper at 210 yuan/mt, and SX-EW copper at a premium of 160 yuan/mt. Attention is focused on whether inventory will continue to decline, and we expect inventory to continue to decrease before the May Day holiday.
Overall, both copper prices and premiums rose, while downstream purchasing desire decreased compared to yesterday.
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