Inventory Declines Significantly, But Copper Prices Surge; Spot Premiums Remain Flat Compared to Yesterday [SMM South China Spot Copper]

SMM March 6 News: Today, spot #1 copper cathode in Guangdong was quoted at a discount of 50 yuan/mt to a premium of 20 yuan/mt against the front-month contract, with the average price at a discount of 15 yuan/mt, flat from the previous trading day. Hydro copper was quoted at a discount of 120 yuan/mt to 100 yuan/mt, with the average price at a discount of 110 yuan/mt, also flat from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,265 yuan/mt, up 1,440 yuan/mt from the previous trading day, while the average price of hydro copper was 78,170 yuan/mt, also up 1,440 yuan/mt from the previous trading day. Spot market: Guangdong inventory declined for the third consecutive day, mainly due to reduced arrivals. With inventory continuing to fall, suppliers stood firm on quotes. However, the sharp rise in copper prices dampened downstream restocking enthusiasm, resulting in final transaction prices remaining flat from yesterday. As of 11:00 am, high-quality copper was quoted at a premium of 20 yuan/mt against the front-month contract, standard-quality copper at a discount of 50 yuan/mt, and hydro copper at a discount of 110 yuan/mt. Attention will focus on whether inventory continues to decline in the future, as this could support firm premiums. Overall, despite a significant inventory decline, the sharp rise in copper prices led spot premiums to remain flat from yesterday. 》Subscribe to view SMM historical spot metal prices

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Inventory Declines Significantly, But Copper Prices Surge; Spot Premiums Remain Flat Compared to Yesterday [SMM South China Spot Copper]

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