SMM January 15 News:
Today, spot premiums for Guangdong #1 copper cathode against the front-month contract were quoted at 0-50 yuan/mt, with an average premium of 25 yuan/mt, down 200 yuan/mt from the previous trading day. Hydro copper was quoted at a discount of 110-50 yuan/mt, with an average discount of 80 yuan/mt, down 160 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 75,440 yuan/mt, down 110 yuan/mt from the previous trading day, while the average price of hydro copper was 75,335 yuan/mt, down 70 yuan/mt from the previous trading day.
Spot market: Guangdong inventory increased for the third consecutive day, with arrivals continuing to rise. End-users gradually began their holidays, and coupled with the contract rollover period, traders showed very low purchase willingness. Suppliers had to significantly lower prices to promote sales, but even so, transactions remained sluggish with only sporadic deals. As of 11:00 am, premiums for high-quality copper against the front-month contract were quoted at 50 yuan/mt, standard-quality copper at 50 yuan/mt, and hydro copper at a discount of 80 yuan/mt.
Overall, weak demand and rising inventory led suppliers to actively lower prices, causing spot premiums to drop significantly.
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