SMM May 28:
Guangdong #1 copper cathode spot prices against the front-month contract today: high-quality copper was quoted at a premium of 120 yuan/mt, down 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 50 yuan/mt, down 10 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 20 yuan/mt, down 10 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 103,695 yuan/mt, down 1,395 yuan/mt from the previous trading day, and the average price of SX-EW copper was 103,590 yuan/mt, down 1,395 yuan/mt from the previous trading day.
Spot market: Guangdong inventory increased again, mainly driven by increased arrivals and weakening consumption. Copper prices dropped significantly, and a few end-users slightly increased procurement volumes, but trading among most traders remained sluggish, with the overall transaction atmosphere being subdued. The procurement sentiment for copper cathode in Guangdong today was 1.53, up slightly by 0.02 from the previous trading day, and the shipments sentiment was 2.72, up 0.02 from the previous trading day (historical data can be accessed via the database).
Overall, a few enterprises increased procurement after the pullback in copper prices, but overall trading activity remained subdued.
