SMM, January 3:
Today, spot #1 copper cathode in Guangdong was quoted at a premium of 140-200 yuan/mt against the front-month contract, with an average premium of 170 yuan/mt, up 45 yuan/mt from the previous trading day. Hydro copper was quoted at a premium of 80-100 yuan/mt, with an average premium of 90 yuan/mt, up 40 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 73,250 yuan/mt, down 210 yuan/mt from the previous trading day, while the average price of hydro copper was 73,170 yuan/mt, down 215 yuan/mt from the previous trading day.
Spot market: Today, Guangdong inventory ended its five-day increase and began to decline, mainly due to reduced arrivals and increased shipments. With both copper prices and inventory falling, suppliers actively stood firm on quotes. In the morning, standard-quality copper was once quoted at a premium of 120 yuan/mt but was quickly sold out. Suppliers took the opportunity to continue standing firm on quotes, pushing premiums higher. As of 11:00 am, high-quality copper was quoted at a premium of 200 yuan/mt against the front-month contract, standard-quality copper at 140 yuan/mt, and hydro copper at a premium of 90 yuan/mt. Attention should be paid to future arrival conditions.
Overall, inventory ended its five-day increase, spot supply appeared slightly tight, premiums continued to rise, and overall trading was moderate.
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