Inventory Declines for 12 Consecutive Days as Suppliers Actively Stand Firm on Quotes, Spot Premiums Surge Significantly [SMM South China Spot Copper]

SMM March 19 News:

Today, spot premiums for #1 copper cathode in Guangdong against the front-month contract were quoted at 100-160 yuan/mt, with an average premium of 130 yuan/mt, up 55 yuan/mt from the previous trading day. SX-EW copper was quoted at premiums of 10-30 yuan/mt, with an average premium of 20 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 80,575 yuan/mt, up 105 yuan/mt from the previous trading day, while the average price of SX-EW copper was 80,465 yuan/mt, up 80 yuan/mt from the previous trading day.

Spot market: Guangdong inventory has declined for 12 consecutive days. The continuous inventory decrease prompted suppliers to stand firm on quotes and actively sell. In the early session, standard-quality copper was quoted at a premium of 50 yuan/mt, but it was quickly purchased by downstream buyers, leading suppliers to immediately raise premiums for sales. As of 11:00 a.m., high-quality copper was quoted at a premium of 160 yuan/mt against the front-month contract, standard-quality copper at a premium of 100 yuan/mt, and SX-EW copper at a premium of 20 yuan/mt. Overall, spot trades today were better than yesterday.

In summary, with inventory declining for 12 consecutive days, suppliers actively stood firm on quotes, and spot premiums rose significantly.

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