Inventory Continues to Decline as Suppliers Stand Firm on Quotes, but Downstream Restocking Desire Has Weakened [SMM South China Spot Copper]

SMM March 13 News: Today, spot #1 copper cathode in Guangdong was quoted at a premium of 30-90 yuan/mt against the front-month contract, with an average premium of 60 yuan/mt, up 30 yuan/mt from the previous trading day. Hydro copper was quoted at a discount of 60-40 yuan/mt, with an average discount of 50 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 79,620 yuan/mt, up 1,105 yuan/mt from the previous trading day, while the average price of hydro copper was 79,510 yuan/mt, up 1,095 yuan/mt. Spot market: Guangdong inventory has declined for eight consecutive days, now down by 21,700 mt from the yearly high. Against the backdrop of continuous inventory reduction, suppliers ignored the rise in copper prices and instead stood firm on quotes, pushing premiums higher today. As of 11:00 am, high-quality copper was quoted at a premium of 90 yuan/mt against the front-month contract, standard-quality copper at a premium of 30 yuan/mt, and hydro copper at a discount of 50 yuan/mt. Notably, downstream buyers have shown some resistance to high copper prices, with procurement volumes slightly decreasing. If prices continue to rise significantly in the future, demand may decline noticeably. Overall, inventory continued to decline, and suppliers maintained firm quotes, but downstream restocking interest has weakened, leading to overall trading activity being less robust than yesterday. 》Subscribe to view SMM historical spot metal prices