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Mumbai, April 18 (Commoditiescontrol):
The price of #1 copper cathode in China's Guangdong province saw a slight increase today, fueled by pre-holiday stocking demand. Discounts for #1 copper cathode were reported at 260-200 yuan/mt against the Shanghai Futures Exchange (SHFE) front-month contract, with an average discount of 230 yuan/mt. This represents a 20 yuan/mt increase from the previous trading day. Discounts for hydro-copper followed a similar trend, averaging 320 yuan/mt, a 20 yuan/mt increase compared to the previous day.
The upward price movement is attributed to a seven-day decline in Guangdong copper inventories due to limited arrivals, a slight rebound in SHFE copper prices, and increased downstream purchasing activity as buyers stock up before an upcoming holiday.
Spot premiums for high-quality copper stood at 200 yuan/mt over the SHFE 2302 copper contract, standard-quality copper discounts were at 260 yuan/mt, and hydro-copper discounts were at 320 yuan/mt. Overall, trading activity improved compared to previous sessions.
(By Commoditiescontrol Bureau; +91-9820130172)
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