Month-End Market Trading Was Moderate, Spot Premiums/Discounts Remained Unchanged from Yesterday [SMM South China Spot Copper]

SMM, February 28: Today, spot #1 copper cathode in Guangdong was quoted at a discount of 70-10 yuan/mt against the front-month contract, with an average discount of 30 yuan/mt, unchanged from the previous trading day. Hydro copper was quoted at a discount of 170-130 yuan/mt, with an average discount of 150 yuan/mt, also unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 76,905 yuan/mt, up 40 yuan/mt from the previous trading day, while the average price of hydro copper was 76,785 yuan/mt, also up 40 yuan/mt from the previous trading day. Spot market: Guangdong inventory ended its three-day decline and increased again, mainly due to weak consumption. As today is the last trading day of February, market activity was not robust, and quotes remained at yesterday's levels. As of 11:00 am, high-quality copper was quoted at 10 yuan/mt, standard-quality copper at a discount of 70 yuan/mt, and hydro copper at a discount of 150 yuan/mt against the front-month contract. Moving forward, attention will focus on whether inventory continues to decline. Overall, market activity was moderate at month-end, and spot premiums and discounts remained unchanged from yesterday.