Inventory and Copper Prices Both Declined as Suppliers Actively Stood Firm on Quotes; Spot Trades Improved Significantly [SMM South China Spot Copper]

SMM March 11 News:

Today, spot #1 copper cathode in Guangdong was quoted at a premium of 10-70 yuan/mt against the front-month contract, with an average premium of 40 yuan/mt, up 20 yuan/mt from the previous trading day. Hydro copper was quoted at a discount of 80-60 yuan/mt, with an average discount of 70 yuan/mt, flat from the previous trading day. The average price of #1 copper cathode in Guangdong was 77,675 yuan/mt, down 660 yuan/mt from the previous trading day, while the average price of hydro copper was 77,565 yuan/mt, down 680 yuan/mt from the previous trading day.

Spot market: Guangdong inventory has declined for six consecutive days, mainly due to an increase in direct shipments. With copper prices dropping significantly and inventory decreasing, suppliers actively stood firm on quotes, and downstream buyers took the opportunity to restock. Overall, spot trades today were significantly better than yesterday. As of 11:00 am, high-quality copper was quoted at a premium of 70 yuan/mt, standard-quality copper at a premium of 10 yuan/mt, and hydro copper at a discount of 70 yuan/mt. The emergence of lower-quality copper widened the price spread between hydro copper and standard-quality copper.

Overall, with both inventory and copper prices declining, suppliers actively stood firm on quotes, and spot trades improved significantly.

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