SMM, May 6:
Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were reported at a range of 130 yuan/mt to a premium of 230 yuan/mt, with an average premium of 180 yuan/mt, down 45 yuan/mt from the previous trading day. SX-EW copper was quoted at a premium of 70 yuan/mt to 90 yuan/mt, with an average premium of 80 yuan/mt, down 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,015 yuan/mt, up 10 yuan/mt from the previous trading day, while the average price of SX-EW copper was 77,915 yuan/mt, up 35 yuan/mt from the previous trading day.
Spot market: After the Labour Day holiday, Guangdong's inventory finally increased. Some downstream enterprises took a 1-2 day break during the holiday, and weakened consumption was the main reason for the inventory buildup. Secondly, smelters in south-west China resumed production after maintenance, increasing shipments, which was another reason for the inventory increase. Affected by the inventory buildup, suppliers had to lower prices to sell, causing spot premiums to fall under pressure today. As of 11 a.m., high-quality copper against the front-month contract was quoted at 230 yuan/mt, standard-quality copper at 130 yuan/mt, and SX-EW copper at a premium of 80 yuan/mt. Close attention should be paid to whether inventory will continue to increase in the future.
Overall, after the holiday, inventory increased significantly, and suppliers took the initiative to lower prices, causing spot premiums to fall under pressure.
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