The price spread between futures contracts is significant, and spot prices against the next-month contract are at a large discount. Overall trading activity is not active. [SMM South China Spot Copper]

Published: Feb 17, 2025 11:36

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SMM February 17 News:

Today, Guangdong #1 copper cathode spot prices against the front-month contract were quoted at a premium of 50-100 yuan/mt, with an average premium of 75 yuan/mt, up 55 yuan/mt from the previous trading day. Hydro copper was quoted at a discount of 70-30 yuan/mt, with an average discount of 50 yuan/mt, up 70 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 77,175 yuan/mt, down 285 yuan/mt from the previous trading day, while the average price of hydro copper was 77,050 yuan/mt, down 270 yuan/mt.

Spot market: After the weekend, Guangdong inventory continued to increase significantly for four consecutive days, hitting a new high for the year. As the delivery date approached, smelters increased shipments to warehouses. Due to the large price spread between futures contracts and the delivery date, suppliers mainly quoted prices for the next-month contract. Today, standard-quality copper was quoted at a discount of 150 yuan/mt against the next-month contract. However, downstream enterprises showed weak restocking demand, purchasing only as needed, resulting in overall sluggish trading. As of 11:00 am, high-quality copper against the front-month contract was quoted at a premium of 100 yuan/mt, standard-quality copper at a premium of 50 yuan/mt, and hydro copper at a discount of 50 yuan/mt.

Overall, the large price spread between futures contracts led to significant discounts for spot prices against the next-month contract, with overall trading remaining inactive.

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