Copper prices break through the 110,000 mark, downstream wait-and-see sentiment strong, spot trades sluggish [SMM South China spot copper]

SMM, September 8:

Today in Guangdong, spot prices of #1 copper cathode against the front-month contract: high-quality copper was quoted at a premium of 250 yuan/mt, down 30 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 150 yuan/mt, down 50 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 90 yuan/mt, down 50 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 111,310 yuan/mt, up 1,355 yuan/mt from the previous trading day, and the average price of SX-EW copper was 111,200 yuan/mt, up 1,345 yuan/mt from the previous trading day.

Spot market: Guangdong inventory increased sharply for two consecutive days, mainly due to increased arrivals of imported copper. In early trading, suppliers initially intended to hold prices firm, with standard-quality copper quoted at a premium of 220 yuan/mt, but copper prices rose sharply and inventory also increased, leaving few downstream buyers. Suppliers had to lower premiums to sell. Today, the purchasing sentiment for copper cathode in Guangdong was 2.51, down 0.28 from the previous trading day, while the selling sentiment was 2.89, up 0.02 from the previous trading day (historical data can be accessed via the database).

Overall, with copper prices breaking above the 110,000 mark, downstream wait-and-see sentiment was strong, and spot trades were sluggish.