Copper prices stopped falling and rebounded, downstream enterprises began restocking, and overall trading was better than yesterday. [SMM South China Spot Copper]

SMM April 1 News:

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, unchanged 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, also unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 79,900 yuan/mt, down 250 yuan/mt from the previous trading day, while the average price of SX-EW copper was 79,810 yuan/mt, down 250 yuan/mt from the previous trading day.

Spot market: Inventory in Guangdong increased for seven consecutive days, with increased arrivals and weak consumption being the main reasons. Copper prices continued to pull back, and end-users, with ample funds at the beginning of the month, began restocking. Despite the rise in inventory, suppliers maintained yesterday's quotations. As of 11:00 AM, 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, market activity today was slightly better than yesterday.

In general, copper prices stopped falling and rebounded, prompting downstream enterprises to start restocking, with overall trading activity better than yesterday.

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