During the Qingming Festival, downstream restocking willingness was average, and the spot copper transaction price remained unchanged from yesterday.

SMM April 3 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 79,145 yuan/mt, down 790 yuan/mt from the previous trading day, while the average price of SX-EW copper was 79,055 yuan/mt, down 790 yuan/mt from the previous trading day.

Spot market: Inventory in Guangdong has declined for two consecutive days, mainly due to a significant reduction in arrivals. Despite the drop in both inventory and copper prices, downstream companies showed little willingness to restock as the Qingming Festival holiday approached. According to our understanding, most companies will take a one-day holiday, with a few taking two days. As a result, suppliers could only maintain yesterday's quotations. As of 11:00 AM, high-quality copper against the front-month contract was quoted at a premium of 40 yuan/mt, standard-quality copper at a discount of 10 yuan/mt, and SX-EW copper at a discount of 80 yuan/mt.

Overall, downstream restocking demand during the Qingming Festival period was moderate, with spot transaction prices remaining flat compared to yesterday.

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