Consumption Improves, Spot Premiums Rise, Overall Trading Better Than Yesterday [SMM South China Spot Copper]

SMM, February 19: Today, spot #1 copper cathode in Guangdong was quoted at a discount of 120-50 yuan/mt against the front-month contract, with an average discount of 85 yuan/mt, up 15 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, unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 77,085 yuan/mt, up 500 yuan/mt from the previous trading day, while the average price of hydro copper was 76,940 yuan/mt, up 485 yuan/mt from the previous trading day. Spot market: Today, Guangdong inventory ended its five-day increase and began to decline, mainly due to reduced arrivals and increased shipments. After the contract rollover, downstream factories largely resumed normal production, leading to increased demand. Suppliers took the opportunity to stand firm on quotes and ship goods. However, due to the still-high total inventory and concerns about the potential release of warehouse warrants in the future, spot premiums only rose slightly compared to yesterday. As of 11:00 a.m., high-quality copper was quoted at a discount of 50 yuan/mt against the front-month contract, standard-quality copper at a discount of 120 yuan/mt, and hydro copper at a discount of 230 yuan/mt. Overall, improved consumption drove spot premiums higher, and overall trading activity was better than yesterday. It is expected that the market will continue to fluctuate upward. 》Subscribe to view historical SMM metal spot prices