SMM May 15 Update:
Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at 270 yuan/mt, unchanged from the previous trading day; standard-quality copper was quoted at a premium of 200 yuan/mt, unchanged from the previous trading day; SX-EW copper was quoted at a premium of 130 yuan/mt, unchanged from the previous trading day. The average price of Guangdong #1 copper cathode was 105,750 yuan/mt, down 2,020 yuan/mt from the previous trading day; the average price of SX-EW copper was 105,645 yuan/mt, down 2,020 yuan/mt from the previous trading day.
Spot market: Guangdong inventory edged down today, mainly due to reduced arrivals. On the delivery day, market trades were subdued, with downstream buyers showing little enthusiasm and primarily fulfilling long-term contracts, while spot orders were scarce. Suppliers maintained their quotes from the previous day, with no price increases or decreases. Overall trading was subdued and was expected to improve next Monday. Today, the copper cathode purchasing sentiment in Guangdong was 2.1, down 0.08 from the previous trading day, while the shipments sentiment was 2.51, down 0.17 from the previous trading day (historical data available via the SMM database).
Overall, supply and demand were both tepid on the delivery day, and spot trades were subdued.
