Downstream manufacturers have basically completed restocking before the holiday, and spot premiums have declined under pressure [[SMM Spot Copper in South China]]

SMM, April 30:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were reported at a range of 150 yuan/mt to a premium of 300 yuan/mt, with an average premium of 225 yuan/mt, up 15 yuan/mt from the previous trading day. SX-EW copper was quoted at a premium of 90 yuan/mt to 110 yuan/mt, with an average premium of 100 yuan/mt, down 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,005 yuan/mt, down 30 yuan/mt from the previous trading day, while the average price of SX-EW copper was 77,880 yuan/mt, down 55 yuan/mt from the previous trading day.

Spot market: Inventory in Guangdong has declined for 20 consecutive days, primarily due to fewer arrivals and increased outflows from warehouses. As most enterprises had already restocked their inventory yesterday, there were fewer buyers continuing to replenish today. Some suppliers, eager to liquidate their holdings, had to actively reduce prices to sell, putting downward pressure on spot premiums today. As of 11 a.m., high-quality copper against the front-month contract was quoted at 300 yuan/mt, standard-quality copper at 150 yuan/mt, and SX-EW copper at a premium of 100 yuan/mt. Due to the limited supply of high-quality copper, the price spread between it and standard-quality copper widened further.

Overall, downstream manufacturers have largely completed their pre-holiday restocking, with spot premiums under downward pressure, and overall trading activity weaker than yesterday.

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