Copper Prices Pull Back and Premiums Decline; Spot Trades Better Than Yesterday [SMM South China Spot Copper]

SMM February 18 News: Today, spot #1 copper cathode in Guangdong was quoted at a discount of 130-70 yuan/mt against the front-month contract, with an average discount of 100 yuan/mt, down 175 yuan/mt from the previous trading day. Hydro copper was quoted at a discount of 250-210 yuan/mt, with an average discount of 230 yuan/mt, down 180 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 76,585 yuan/mt, down 590 yuan/mt from the previous trading day, while the average price of hydro copper was 76,455 yuan/mt, down 595 yuan/mt. Spot market: Guangdong inventory continued to rise, surpassing the 70,000 mt mark, mainly due to increased arrivals, especially deliveries to warehouses for transfer to delivery warehouse. It is reported that warehouse warrants in Guangdong have reached 53,000 mt, an increase of 18,200 mt from yesterday. After the contract rollover, suppliers had to lower prices to sell amid rising inventory. However, downstream purchase willingness improved compared to yesterday, and overall transactions were better than the previous day. As of 11:00 am, high-quality copper was quoted at a discount of 70 yuan/mt, standard-quality copper at a discount of 130 yuan/mt, and hydro copper at a discount of 230 yuan/mt against the front-month contract. Overall, copper prices pulled back, premiums declined, and spot trades were better than yesterday. 》Subscribe to view SMM historical spot metal prices