SMM

Spot quotes in Guangdong continued to decline last week. The inflow of imported copper at the beginning of the week weighed on spot quotes. Last Friday, rising copper prices combined with the approaching of the delivery of the SHFE April contract depressed downstream purchasing demand, causing sellers to cut prices. As of last Friday, high-quality copper was quoted with discounts of 10 yuan/mt, down 40 yuan/mt from a week earlier, and standard-quality copper was quoted with discounts of 40 yuan/mt, down 40 yuan/mt. Hydro-copper was quoted with discounts of 100 yuan/mt, down 10 yuan/mt. The price spread between high-quality and standard-quality copper expanded as the delivery neared.