SHANGHAI, Apr 13 (SMM) - The number of days of copper inventory carried by Chinese copper smelters dropped from 1.95 days in February to 1 day in March. Copper cathode output gained 4.8% month-on-month. The average premium of SMM #1 copper cathode was 55.4 yuan/mt, which rebounded sharply from -44.5 yuan/mt in February, the SMM data showed. In addition, the SHFE front-month contract switched to the backwardation structure in mid-March, encouraging the smelters’ shipments.
Inventory Carried by Chinese Copper Smelters Falls in Mar
The number of days of copper inventory carried by Chinese copper smelters dropped from 1.95 days in February to 1 day in March.
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