Premiums Inched Up Slightly in Early Trading, Market Transactions Warmed Up a Bit [SMM SHFE Copper Spot]

SMM March 24 News: Today, #1 copper cathode spot prices against the current month 2504 contract were at a discount of 20 yuan/mt to a premium of 20 yuan/mt, with the average price reported at parity. This was an increase of 15 yuan/mt from the previous trading day; standard-quality copper traded at 80,830-81,200 yuan/mt, and high-quality copper traded at 80,850-81,220 yuan/mt. The SHFE copper 2504 contract opened lower but moved higher, reaching around 81,330 yuan/mt by the end of the session. The price spread between the SHFE copper 2504 and 2505 contracts fluctuated between C10-30 yuan/mt. Spot premiums warmed up WoW, and market trading sentiment improved as the structure narrowed. At the start of the session, suppliers quoted mainstream standard-quality copper at a discount of 20 yuan/mt to a premium of 10 yuan/mt, and high-quality copper at a discount of 10 yuan/mt to a premium of 20 yuan/mt. Market trading was relatively calm, with downstream buyers mostly making just-in-time procurement. During the main trading period, mainstream standard-quality copper traded at a discount of 20 yuan/mt to parity, and high-quality copper traded at parity to a premium of 10 yuan/mt. SX-EW copper traded at a discount of 70 yuan/mt, with almost no price difference compared to mainstream standard-quality copper. By 11 am, market quotes stabilized. According to SMM, national social inventory continued to decline over the weekend, and the market remains concerned about supply in Q2. Downstream buying interest is gradually warming up. It is expected that spot premiums will rise slightly tomorrow.