SMM April 24th News:
Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were reported at a premium of 200 yuan/mt to 250 yuan/mt, with an average premium of 225 yuan/mt, unchanged from the previous trading day. SX-EW copper was reported at a premium of 140 yuan/mt to 160 yuan/mt, with an average premium of 150 yuan/mt, also unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,170 yuan/mt, down 155 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,095 yuan/mt, down 155 yuan/mt from the previous trading day.
Spot market: Inventory in Guangdong has declined for 16 consecutive days, mainly due to limited arrivals and good consumption. The continuous decline in inventory is the main reason for suppliers standing firm on quotes. However, as copper prices have rebounded significantly from their lows, suppliers found it difficult to raise prices further, and today's premiums were maintained at yesterday's levels. As of 11:00, high-quality copper against the front-month contract was reported at a premium of 250 yuan/mt, standard-quality copper at 200 yuan/mt, and SX-EW copper at a premium of 150 yuan/mt.
Overall, high copper prices and high premiums have suppressed spot trades, and the overall trading atmosphere today was moderate.
