Quotes in south China spot copper market rebounded as downstream began to replenish stocks before the holiday

Published: Apr 25, 2024 11:45

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Today, the spot price of #1 copper cathode in Guangdong reported discounts of 260-200 yuan/mt against the SHFE front-month contract, and the average discount was 230 yuan/mt, up 20 yuan/mt compared with the previous trading day.

SHANGHAI, Apr 25 (SMM) - Today, the spot price of #1 copper cathode in Guangdong reported discounts of 260-200 yuan/mt against the SHFE front-month contract, and the average discount was 230 yuan/mt, up 20 yuan/mt compared with the previous trading day. Discounts of hydro-copper was 340-300 yuan/mt, and the average discount was 320 yuan/mt, up 20 yuan/mt compared with the previous trading day. The average price of #1 copper cathode in Guangdong was 78590 yuan/mt, up 640 yuan/mt from the previous trading day, and that of hydro-copper was 78500 yuan/mt, up 640 yuan/mt.

In the spot market, inventory in Guangdong have declined for seven consecutive days due to limited arrivals. Although SHFE copper prices rebounded slightly today, driven by the continued decline in inventories and pre-holiday stocking, sellers raised the spot quotes. As of 11:00 today, spot discounts of high-quality copper were 200 yuan/mt over the SHFE 2302 copper, and those of standard-quality copper stood at 260 yuan/mt, while discounts of hydro-copper were 320 yuan/mt.

The downstream started to replenish stocks before the holiday, and the overall trading was better than yesterday.

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