SMM News, March 25:
Today, in Guangdong, spot premiums/discounts for #1 copper cathode against the front-month contract were reported at 100 yuan/mt for high-quality copper, up 30 yuan/mt from the previous trading day; a discount of 10 yuan/mt for standard-quality copper, up 20 yuan/mt from yesterday; and a discount of 70 yuan/mt for SX-EW copper, up 20 yuan/mt from yesterday. The average price of Guangdong #1 copper cathode was 95,785 yuan/mt, up 1,755 yuan/mt from the previous trading day, while the average price of SX-EW copper was 95,670 yuan/mt, up 1,750 yuan/mt from the previous trading day.
Spot market: Guangdong inventory declined for seven consecutive days, mainly due to limited arrivals. Although copper prices rose sharply, demand increased because there was not much freely available cargo in the market, and some enterprises that had originally purchased secondary copper switched to purchasing copper cathode. Suppliers actively held prices firm while making shipments, driving spot premiums higher, and overall trading was moderate. Today, the purchasing sentiment for copper cathode in Guangdong was 2.41, down 0.07 from the previous trading day, while shipment sentiment was 3.39, up 0.08 from the previous trading day (historical data is available in the database).
Overall, inventory fell for seven straight days, suppliers actively held prices firm, spot premiums rose, and overall trading was moderate.
