After the premium continued to decline, downstream players began to restock, and overall trading was better than yesterday. [SMM spot copper in South China]

SMM May 21 report:

Today, spot #1 copper cathode in Guangdong was quoted at a premium of 140 yuan/mt to 230 yuan/mt against the front-month contract, with an average premium of 185 yuan/mt, down 5 yuan/mt from the previous trading day. SX-EW copper was quoted at a premium of 80 yuan/mt to 100 yuan/mt, with an average premium of 90 yuan/mt, down 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,320 yuan/mt, up 140 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,225 yuan/mt, up 135 yuan/mt from the previous trading day.

Spot market: Today, inventory in Guangdong increased again, mainly due to an increase in arrivals. Attention should be paid to whether inventory will continue to increase in the future. With the increase in inventory and the rise in copper prices, suppliers had to lower their prices to sell their goods. However, major downstream buyers began to replenish their stocks at lower prices, limiting the decline in premiums today. As of 11 a.m., high-quality copper for the front-month contract was quoted at 230 yuan/mt, standard-quality copper at a discount of 140 yuan/mt, and SX-EW copper at a discount of 90 yuan/mt. Overall, trading activity improved today compared to yesterday.

Overall, after the continuous decline in premiums, downstream buyers began to replenish their stocks, and overall trading activity was better than yesterday.

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