Suppliers actively held prices firm, but downstream buyers did not follow the increase, with overall trading weaker than yesterday [SMM South China spot copper]

SMM, July 9 –

Today, Guangdong’s #1 copper cathode spot prices against the front-month contract were as follows: high-quality copper was quoted at 100 yuan/mt, up 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 40 yuan/mt, up 20 yuan/mt from yesterday; and SX-EW copper was quoted at a discount of 30 yuan/mt, up 20 yuan/mt from yesterday. The average price of Guangdong #1 copper cathode was 102,475 yuan/mt, down 430 yuan/mt from yesterday, while the average price of SX-EW copper was 102,375 yuan/mt, down 425 yuan/mt from yesterday.

Spot market: Guangdong’s inventory declined for the sixth consecutive day, primarily due to persistently low arrivals. With inventory continuing to fall, suppliers held prices firm, and today the spot premium for standard-quality copper rose to 40 yuan/mt. However, after several days of rising premiums, downstream restocking sentiment weakened, and overall trading was not as active as yesterday. Today, the purchasing sentiment for copper cathode in Guangdong registered at 2.46, down 0.19 from the previous trading day, while shipment sentiment stood at 2.90, up 0.04 from yesterday (historical data can be accessed via the database).

Overall, suppliers held prices firm, but downstream buyers did not follow the hike, and overall trading was not as active as yesterday.