SMM June 15:
Today, Guangdong #1 copper cathode spot prices against the front-month contract were: high-quality copper at a premium of 240 yuan/mt, down 30 yuan/mt from the previous trading day; standard-quality copper at a premium of 180 yuan/mt, down 30 yuan/mt; SX-EW copper at a premium of 120 yuan/mt, down 30 yuan/mt. The average price of Guangdong #1 copper cathode was 105,810 yuan/mt, up 1,095 yuan/mt from the previous trading day, and the average price of SX-EW copper was 105,720 yuan/mt, up 1,095 yuan/mt.
Spot market: After the weekend, Guangdong inventory finally increased, up 3,600 mt from last Friday. The main reasons were concentrated shipments from smelters near the delivery date and inactive downstream restocking. Affected by this, suppliers proactively lowered prices to sell today, and premiums declined. However, even so, trading was still not active today. It is expected to only gradually improve tomorrow. The procurement sentiment for copper cathode in Guangdong today was 2.02, down 0.2 from the previous trading day, and the sales sentiment was 2.34, down 0.3 (historical data can be accessed in the database).
Overall, copper prices and inventory both rose. Suppliers proactively lowered prices to sell, but actual transactions remained poor.
