Inventory Continues to Increase Amid Weak Consumption, Spot Premiums Plummet【SMM South China Spot Copper】

SMM December 30 News: Today, spot premiums for #1 copper cathode in Guangdong against the front-month contract were quoted at 150-200 yuan/mt, with an average premium of 175 yuan/mt, down 115 yuan/mt from the previous trading day. Hydro copper premiums were quoted at 70-110 yuan/mt, with an average premium of 90 yuan/mt, down 130 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 74,390 yuan/mt, down 160 yuan/mt from the previous trading day, while the average price of hydro copper was 74,305 yuan/mt, down 175 yuan/mt from the previous trading day. Spot market: Today, Guangdong inventory increased for the third consecutive day, mainly due to concentrated shipments from smelters at year-end and weakened downstream consumption. As a result, suppliers significantly lowered prices to offload cargo, causing spot premiums to plummet. As of 11:00 am, premiums against the front-month contract were quoted at 200 yuan/mt for high-quality copper, 150 yuan/mt for standard-quality copper, and 90 yuan/mt for hydro copper. Spot premiums are expected to decline further tomorrow and may only gradually improve after the New Year holiday. Overall, continuous inventory increases combined with weak consumption led to a sharp drop in spot premiums, with overall trading activity remaining sluggish. 》Subscribe to view historical SMM metal spot prices