Copper Smelters Reported Longer Days Of Copper Inventory In April Than In March

SHANGHAI, May 16 (SMM) - In April, copper smelters held 1.2 days of copper inventory, slightly longer than in March. A large amount of copper scrap was used in copper smelting, which somehow counteracted the negative impact of maintenance on copper cathode output. SMM data showed the domestic copper cathode output added 2% MoM in April. The average spot premium of SMM #1 copper cathode shrank from 55.4 yuan/mt in March to 46.58 yuan/mt in April, reflecting declines in market activities.