Copper prices fell, driving downstream to stock up, and spot premiums rose [SMM south China Spot Copper]

Published: May 8, 2024 16:55

Source: SMM

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Today, Guangdong 1# electrolytic copper spot price against the front month contract was quoted at a discount of 150 yuan/ton to 80 yuan/ton, and the average price was at a discount of 115 yuan/ton, up 20 yuan/ton from the previous trading day; hydro copper was quoted at a discount of 190 yuan/ton to 230 yuan/ton, and the average price was at a discount of 210 yuan/ton, up 20 yuan/ton from the previous trading day. The average price of Guangdong No. 1 electrolytic copper was 79,660 yuan/ton, down 880 yuan/ton from the previous trading day; the average price of hydro copper was 79,565 yuan/ton, down 880 yuan/ton from the previous trading day.
Spot market: Today, Guangdong's inventory fell again, with increased downstream replenishment being the main reason. The decline in inventory and the lower copper price increased the enthusiasm of downstream to replenish stocks compared with before. In addition, the unwillingness of holders to ship goods before transactions caused the premium to go up today. As of 11:00, the high-quality copper contract for front month was quoted at a discount of 80 yuan/ton, the flat copper contract was quoted at a discount of 150 yuan/ton, and the hydro copper contract was quoted at a discount of 210 yuan/ton.
In general, copper prices fell and downstream replenishment increased, spot premiums rose, and overall trading was better than yesterday.

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