Copper prices surged, but spot cargo circulation was tight. Suppliers stood firm on quotes, with premiums slightly rising. [SMM Shanghai spot copper]

SMM April 23 News: Today, the spot prices of SMM #1 copper cathode against the SHFE copper 2505 contract were reported at a premium of 160-210 yuan/mt, with an average premium of 185 yuan/mt, up by 5 yuan/mt from the previous trading day. The price of SMM #1 copper cathode ranged from 77,980 to 78,390 yuan/mt. In the early morning session, the SHFE copper 2505 contract surged above 78,500 yuan/mt before gradually retreating from its intraday gains and subsequently falling below 78,000 yuan/mt. The spot premiums remained largely unchanged from the previous day, as the number of sellers decreased, leading to a slight increase in the overall average premium compared to yesterday. In the morning session, suppliers quoted standard-quality copper at premiums of 160-180 yuan/mt, while high-quality copper such as Jinchuan (plate) was quoted at premiums of 180-200 yuan/mt, and Guixi copper was quickly traded at a premium of 200 yuan/mt. In the second trading session, due to tight spot supply, suppliers continued to exhibit a sentiment to stand firm on quotes. As the futures market rose above 78,000 yuan/mt, downstream procurement sentiment was suppressed, leading to a decline in procurement volume. However, as inventory continued to deplete, suppliers remained optimistic about premiums and maintained firm quotes. It is expected that tomorrow's transactions will still be at premiums above 150 yuan/mt.