Language: 
Apr 29, 2025 11:40SMM, April 29:
Today, spot #1 copper cathode in Guangdong was quoted at a premium of 160 yuan/mt to 260 yuan/mt against the front-month contract, with an average premium of 210 yuan/mt, up 5 yuan/mt from the previous trading day. SX-EW copper was quoted at a premium of 100 yuan/mt to 120 yuan/mt, with an average premium of 110 yuan/mt, down 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,035 yuan/mt, up 415 yuan/mt from the previous trading day, while the average price of SX-EW copper was 77,935 yuan/mt, up 390 yuan/mt from the previous trading day.
Spot market: Guangdong's inventory has declined for 19 consecutive days and has fallen below the 20,000 mt mark, mainly due to fewer arrivals and increased outflows from warehouses. As the May Day holiday approaches, downstream enterprises have shown weak intentions to rush to buy amid continuous price rise and replenish their stocks, with some enterprises taking a two-day holiday during the May Day period. Moreover, some suppliers have taken actions to clear their inventory before the holiday, leading to a decrease in the quoted prices of standard-quality copper today. However, it is worth noting that the supply of high-quality copper is tight, causing its premium to continue to rise and widening the price spread with standard-quality copper. As of 11 a.m., high-quality copper was quoted at a premium of 260 yuan/mt against the front-month contract, standard-quality copper at 160 yuan/mt, and SX-EW copper at a premium of 110 yuan/mt. Attention should be paid to whether the destocking momentum can continue after the May Day holiday.
Overall, before the holiday, suppliers took actions to clear their inventory, causing the premium of standard-quality copper to decline, with generally moderate trading activity.
For queries, please contact Lemon Zhao at lemonzhao@smm.cn
For more information on how to access our research reports, please email service.en@smm.cn
