As the end of the quarter approached, downstream restocking demand was low, and suppliers had to reduce prices to sell spot copper.

SMM March 27 news:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were reported at a premium of 60 yuan/mt to 120 yuan/mt, with an average premium of 90 yuan/mt, down 40 yuan/mt from the previous trading day. SX-EW copper was reported at a discount of 10 yuan/mt to a premium of 10 yuan/mt, with an average premium of 0 yuan/mt, down 40 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 81,565 yuan/mt, down 1,395 yuan/mt from the previous trading day, while the average price of SX-EW copper was 81,475 yuan/mt, down 1,395 yuan/mt from the previous trading day.

Spot market: Inventory in Guangdong increased for four consecutive days, mainly due to increased arrivals. Although copper prices pulled back significantly, inventory continued to rise, coupled with weak restocking demand from downstream users nearing the end of the quarter, forcing suppliers to continuously lower premiums to sell. As of 11:00, high-quality copper against the front-month contract was reported at a premium of 120 yuan/mt, standard-quality copper at a premium of 60 yuan/mt, and SX-EW copper at a premium of 0 yuan/mt. Attention is focused on whether arrivals will continue to increase in the future.

Overall, with weak restocking demand from downstream users nearing the end of the quarter, suppliers had to lower prices to sell, resulting in poor overall trading activity.

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