SMM March 12 News:
Today, spot #1 copper cathode in Guangdong was quoted at 0 yuan/mt to a premium of 60 yuan/mt against the front-month contract, with an average premium of 30 yuan/mt, down 10 yuan/mt from the previous trading day. Hydro copper was quoted at a discount of 80 yuan/mt to a discount of 60 yuan/mt, with an average discount of 70 yuan/mt, unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,515 yuan/mt, up 840 yuan/mt from the previous trading day, while the average price of hydro copper was 78,415 yuan/mt, up 850 yuan/mt from the previous trading day.
Spot market: Guangdong inventory has declined for seven consecutive days, mainly due to limited arrivals. As a result, suppliers continued their sentiment to stand firm on quotes. In the morning session, standard-quality copper was once quoted at a premium of 50 yuan/mt. However, as copper prices continued to rise sharply, downstream enterprises showed significantly reduced enthusiasm for restocking. Suppliers had to lower prices to facilitate sales. By 11:00 am, high-quality copper was quoted at a premium of 60 yuan/mt against the front-month contract, standard-quality copper at parity, and hydro copper at a discount of 70 yuan/mt.
Overall, with copper prices surging sharply, downstream buyers were cautious in procurement, and spot premiums rose initially but fell later.
》Subscribe to view SMM historical spot metal prices
