SMM June 10:
Today, spot Guangdong #1 copper cathode against the front-month contract: high-quality copper was quoted at a premium of 160 yuan/mt, up 50 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 130 yuan/mt, up 60 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 70 yuan/mt, up 60 yuan/mt from the previous trading day. Guangdong #1 copper cathode averaged 104,210 yuan/mt, down 65 yuan/mt from the previous trading day, while SX-EW copper averaged 104,135 yuan/mt, down 60 yuan/mt from the previous trading day.
Spot market: Today, Guangdong inventory continued to decline, marking a seven-day losing streak, primarily due to persistently fewer arrivals. Guangdong social inventory fell to a near year-to-date low, at just 14,000 mt. With tight supply, suppliers actively held prices firm, and buyers were forced to accept high premiums. Overall trading was moderate. Today, the purchasing sentiment for copper cathode in Guangdong stood at 1.94, up 0.03 from the previous trading day, while the selling sentiment stood at 3.11, up 0.09 (historical data can be accessed via the database).
Overall, with inventory near a year-to-date low, suppliers raised prices significantly, while overall trading remained moderate.
