Inventory Hits Record Low as Suppliers Actively Stand Firm on Quotes; Spot Premiums Continue to Rise [SMM South China Spot Copper]

SMM December 25 News:

Today, spot premiums for Guangdong #1 copper cathode against the front-month contract were quoted at 240-300 yuan/mt, with an average premium of 270 yuan/mt, up by 45 yuan/mt from the previous trading day. Spot premiums for hydro copper were quoted at 160-230 yuan/mt, with an average premium of 195 yuan/mt, also up by 45 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 74,370 yuan/mt, up by 230 yuan/mt from the previous trading day, while the average price of hydro copper was 74,295 yuan/mt, also up by 230 yuan/mt.

Spot Market: Guangdong inventory declined for the second consecutive day, hitting a new low for the year. The main reason for the inventory drop remained the limited arrivals. With inventory continuing to decline, suppliers actively stood firm on quotes. In the early morning, standard-quality copper was quoted at a premium of 220 yuan/mt, but it was quickly snapped up. Subsequently, suppliers further raised premiums for sales. As of 11:00 am, high-quality copper against the front-month contract was quoted at 300 yuan/mt, standard-quality copper at 240 yuan/mt, and hydro copper at a premium of 190 yuan/mt.

Overall: With inventory hitting a record low and suppliers actively standing firm on quotes, spot premiums continued to rise, and the overall trading sentiment was slightly better than yesterday.

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