SMM

Last week, spot premiums soared and then dropped back. Pre-holiday stockpiling combined with tight available cargoes drove spot premiums to rise on Monday and Tuesday last week. On Wednesday, the downstream buyers basically ended the pre-holiday stockpiling and a large volume of cargoes under warrants were offered for sale, causing spot premiums to drop rapidly. As of Wednesday June 21, the spot premiums for high-quality copper fell 110 yuan/mt from Friday June 16 to 260 yuan/mt, and the premiums for standard-quality copper stood at 250 yuan/mt, a drop of 100 yuan/mt.