Copper Prices Rose but Downstream Restocking Appetite Was Weaker Than Yesterday, Overall Trading Was Moderate [SMM South China Spot Copper]

SMM April 10 update:

Guangdong #1 copper cathode spot prices against the front-month contract today: high-quality copper was quoted at a premium of 200 yuan/mt, up 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 130 yuan/mt, up 10 yuan/mt from the previous day; SX-EW copper was quoted at a premium of 70 yuan/mt, up 10 yuan/mt from the previous day. The average price of Guangdong #1 copper cathode was 98,405 yuan/mt, up 785 yuan/mt from the previous trading day, and the average price of SX-EW copper was 98,310 yuan/mt, up 785 yuan/mt from the previous trading day.

Spot market: Guangdong inventory continued to decline and had fallen for 18 consecutive sessions, with tight supply remaining the main driver. As inventory kept dropping, suppliers actively held prices firm, but downstream restocking willingness was weaker than the previous day. The purchasing sentiment for copper cathode in Guangdong today was 2.3, down 0.04 from the previous trading day, and the shipments sentiment was 3.72, down 0.06 from the previous trading day (historical data can be accessed via the database).

Overall, copper prices rose but downstream restocking willingness was weaker than the previous day, with trading activity being lukewarm.