SMM, March 18:
Today in Guangdong, spot #1 copper cathode against the front-month contract was quoted at a premium of 50 yuan/mt for high-quality copper, up 20 yuan/mt from yesterday; standard-quality copper at a discount of 60 yuan/mt, up 20 yuan/mt from yesterday; and SX-EW copper at a discount of 120 yuan/mt, up 20 yuan/mt from yesterday. The average price of #1 copper cathode in Guangdong was 99,135 yuan/mt, down 1,120 yuan/mt from the previous trading day, while the average price of SX-EW copper was 99,020 yuan/mt, down 1,120 yuan/mt from the previous trading day.
Spot market: Guangdong inventory declined for a second straight day, mainly due to fewer arrivals and increased shipments. Copper prices fell sharply and inventory decreased, prompting suppliers to actively hold prices firm while making shipments. Downstream buyers also restocked on lower prices. Today, the transaction price of standard-quality copper rose 20 yuan/mt from yesterday, and overall trading was better than yesterday. Today, the procurement sentiment for copper cathode in Guangdong was 2.59, up 0.16 from the previous trading day, while shipment sentiment was 3.38, up 0.12 from the previous trading day (historical data is available in the database).
Overall, both copper prices and inventory declined, suppliers actively held prices firm while making shipments, and spot trades were better than yesterday.
