SMM March 3rd Update:
Today, in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a discount of 60 yuan/mt, down 10 yuan/mt; standard-quality copper was quoted at a discount of 260 yuan/mt, up 20 yuan/mt; SX-EW copper was quoted at a discount of 320 yuan/mt, up 20 yuan/mt. The average price of #1 copper cathode in Guangdong was 102,145 yuan/mt, down 145 yuan/mt from the previous trading day, while the average price of SX-EW copper was 101,985 yuan/mt, up 130 yuan/mt from the previous trading day.
Spot market: Inventory in Guangdong has increased for seven consecutive days, but the growth rate has slowed down. Copper prices have significantly decreased, and downstream end-users have resumed production, leading to an increase in procurement volume by both traders and processing enterprises compared to yesterday, which stimulated the rise in premiums for standard-quality copper; however, due to relatively small demand for thick plates from downstream enterprises, today's quotes for thick plates were slightly lower by 10 yuan/mt than yesterday. Today, the sentiment for purchasing electrolytic copper in the Guangdong region was 2.52, up 0.12 from the previous trading day, and the sentiment for shipments was 3.14, up 0.04 from the previous trading day. (Historical data can be accessed through the database.)
Overall, the decline in copper prices stimulated downstream restocking, with spot premiums rising and transactions improving.
