SMM June 17 news:
Today, spot Guangdong #1 copper cathode against the front-month contract: high-quality copper was quoted at a premium of 210 yuan/mt, flat with the previous trading day; standard-quality copper was quoted at a premium of 150 yuan/mt, flat with the previous trading day; and SX-EW copper was quoted at a premium of 90 yuan/mt, flat with the previous trading day. The average price of Guangdong #1 copper cathode was 105,500 yuan/mt, up 565 yuan/mt from the previous trading day, and the average price of SX-EW copper was 105,410 yuan/mt, up 565 yuan/mt from the previous trading day.
Spot market: Guangdong inventory, after two consecutive increases, finally declined today, mainly due to reduced arrivals and increased shipments. As copper prices rebounded today and some downstream producers had production cuts during the Dragon Boat Festival, their pre-holiday restocking interest was not strong. Suppliers could only maintain yesterday's quotes to sell, but transactions were poor. Today, the purchasing sentiment for copper cathode in Guangdong stood at 2.21, down 0.07 from the previous trading day, while the selling sentiment stood at 2.55, up 0.1 from the previous trading day (historical data can be accessed by logging into the database).
Overall, pre-holiday restocking interest was not strong, spot trades were moderate, and no improvement is expected tomorrow.
