SHANGHAI, Apr 4 (SMM) - Last week, spot quotes in Guangdong edged higher. High inventories resulting from weaker consumption early in the week when copper prices rose pushed down spot quotes. Spot quotes rallied in the second half of the week due to falling inventories and sellers raising their quotes. But trading was not active at the end of the month.
As of last Friday, high-quality copper was quoted with premiums of 80 yuan/mt, up 60 yuan/mt from a week earlier, and standard-quality copper was quoted with premiums of 50 yuan/mt, up 40 yuan/mt from a week earlier. Hydro-copper was quoted with discounts of 10 yuan/mt, up 30 yuan/mt. There have been influx of hydro-copper, significantly narrowing its price spread with standard-quality copper. Last Friday, the prices in Guangdong exceeded those in Shanghai by 10 yuan/mt.
The price gap was so small that there was no opportunity for cargo transfer between the two regions. As of last Friday, total inventories in Guangdong stood at 51,000 mt, a decline of 2,600 mt from a week earlier.
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