SMM, January 8:
Today, spot #1 copper cathode in Guangdong was quoted at a premium of 380-420 yuan/mt against the front-month contract, with an average premium of 400 yuan/mt, up 70 yuan/mt from the previous trading day. Hydro copper was quoted at a premium of 300-340 yuan/mt, with an average premium of 320 yuan/mt, also up 70 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 74,850 yuan/mt, up 185 yuan/mt from the previous trading day, while the average price of hydro copper was 74,770 yuan/mt, also up 185 yuan/mt from the previous trading day.
Spot market: Today, Guangdong inventory ended its three-day decline and increased again, mainly due to higher arrivals and reduced outflows from warehouses. Despite the rise in inventory and copper prices, suppliers stood firm on quotes as circulating supply remained limited. However, with premiums already at high levels, downstream buyers showed little interest in restocking, resulting in limited actual transactions. As of 11:00 am, premiums for high-quality copper were at 420 yuan/mt, standard-quality copper at 400 yuan/mt, and hydro copper at 340 yuan/mt against the front-month contract.
Overall, while both inventory and prices increased, suppliers continued to stand firm on quotes, but actual transactions remained weak.
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