Downstream Demand Gradually Increases, Suppliers No Longer Slash Prices to Clear Spot Copper [SMM South China Spot Copper]

SMM, February 6: Today, spot #1 copper cathode in Guangdong was quoted at a discount of 330 yuan/mt to parity against the front-month contract, with an average discount of 165 yuan/mt, up 20 yuan/mt from the previous trading day. Hydro copper was quoted at a discount of 390-350 yuan/mt, with an average discount of 370 yuan/mt, up 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 76,010 yuan/mt, up 900 yuan/mt from the previous trading day, while the average price of hydro copper was 75,805 yuan/mt, up 890 yuan/mt. Spot market: Today, Guangdong inventory continued to increase, marking the 13th consecutive rise. Although both inventory and copper prices rose today, downstream enterprises gradually resumed operations, leading to increased demand for copper cathode. As a result, suppliers stopped selling at low prices, and spot premiums rebounded. In the early session, standard-quality copper was quoted at a discount of 330 yuan/mt but was quickly sold out, driving premiums higher. As of 11:00 a.m., high-quality copper against the front-month contract was quoted at parity, standard-quality copper at a discount of 300 yuan/mt, and hydro copper at a discount of 340 yuan/mt. We expect premiums to have further room for growth in the future. Overall, downstream demand is gradually increasing, suppliers are no longer cutting prices to clear inventory, and spot premiums are rising. 》Subscribe to view historical SMM metal spot prices.