Wider price spread between futures contracts, sluggish downstream restocking; spot premiums jump initially and then pull back [[SMM] Spot Copper in South China]

Published: May 7, 2025 11:36

Save

SMM May 7 News:

Today in Guangdong, spot prices for #1 copper cathode against the front-month contract were quoted at a range of 160 yuan/mt to a premium of 280 yuan/mt, with an average premium of 220 yuan/mt, up 40 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, up 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,600 yuan/mt, up 585 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,490 yuan/mt, up 575 yuan/mt from the previous trading day.

Spot Market: Guangdong's inventory fell again after increasing for just one day, and attention will be paid to whether it will continue to decrease in the future. Stimulated by this, suppliers did not pay attention to the rising copper prices today and actively stood firm on quotes to sell. In the morning session, standard-quality copper was once quoted at a premium of 180 yuan/mt. However, downstream buyers were unwilling to rush to buy amid continuous price rise and only maintained purchasing as needed. Suppliers had to lower their premiums to sell. In addition, the significant widening of the price spread between futures contracts also discouraged buyers from purchasing more. As of 11 a.m., high-quality copper for the front-month contract was quoted at 280 yuan/mt, standard-quality copper at 170 yuan/mt, and SX-EW copper at a premium of 110 yuan/mt.

Overall, with the widening of the price spread between futures contracts, downstream buyers were not active in restocking, and spot premiums jumped initially and then pulled back.

》Subscribe to view SMM's historical spot metal prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

11 hours ago

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

11 hours ago

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

11 hours ago

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

11 hours ago