Inventory changes were relatively small over the weekend, and spot premiums remained flat compared to last Friday [SMM spot copper in South China]

SMM May 26 News:

Today, spot #1 copper cathode in Guangdong was quoted at premiums of 180 yuan/mt to 260 yuan/mt against the front-month contract, with an average premium of 220 yuan/mt, unchanged from the previous trading day. SX-EW copper was quoted at premiums of 120 yuan/mt to 140 yuan/mt, with an average premium of 130 yuan/mt, also unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,585 yuan/mt, up 525 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,495 yuan/mt, also up 525 yuan/mt from the previous trading day.

Spot Market: After the weekend, inventory in Guangdong only increased slightly. The market expects inventory to continue to decline in the future. Therefore, suppliers did not respond to the rise in copper prices and actively refused to budge on prices during the morning session. Standard-quality copper was once quoted at a premium of 200 yuan/mt. However, purchasers were unwilling to chase higher prices to replenish stocks. After suppliers lowered their premiums, transactions improved, and overall trading was slightly better than that on last Friday. As of 11 a.m., high-quality copper for the front-month contract was quoted at a premium of 260 yuan/mt, standard-quality copper at a premium of 180 yuan/mt, and SX-EW copper at a premium of 130 yuan/mt.

Overall, inventory changes were relatively small over the weekend. Spot premiums remained unchanged from last Friday, and overall trading improved.

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