After the weekend, inventory increased significantly, spot trades were sluggish, and premiums dropped noticeably. [SMM South China Spot Copper]

SMM March 31:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were reported at a discount of 20 yuan/mt to a premium of 40 yuan/mt, with an average premium of 10 yuan/mt, down 50 yuan/mt from the previous trading day. SX-EW copper was reported at a discount of 90 yuan/mt to 70 yuan/mt, with an average discount of 80 yuan/mt, down 50 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 80,150 yuan/mt, down 515 yuan/mt from the previous trading day, while the average price of SX-EW copper was 80,060 yuan/mt, down 515 yuan/mt from the previous trading day.

Spot market: Inventory in Guangdong increased for six consecutive days, mainly due to concentrated arrivals of cargo in east China. Due to the continuous rise in inventory and today being the last trading day of the first quarter, actual market transactions were very quiet, and spot premiums continued to decline. As of 11:00, high-quality copper against the front-month contract was reported at a premium of 40 yuan/mt, standard-quality copper at a discount of 20 yuan/mt, and SX-EW copper at a discount of 80 yuan/mt.

Overall, after the weekend, inventory increased significantly, spot trades were quiet, and premiums declined noticeably.

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