SMM January 22 News:
Today, spot #1 copper cathode in Guangdong was quoted at a discount of 300-0 yuan/mt against the front-month contract, with an average discount of 150 yuan/mt, down 30 yuan/mt from the previous trading day. Hydro copper was quoted at a discount of 400-360 yuan/mt, with an average discount of 380 yuan/mt, down 100 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 75,350 yuan/mt, down 85 yuan/mt from the previous trading day, while the average price of hydro copper was 75,120 yuan/mt, down 150 yuan/mt.
Spot market: Guangdong inventory has risen for eight consecutive days, mainly due to weak consumption. It is understood that downstream enterprises are mostly on holiday, leading to very sluggish procurement. Meanwhile, some suppliers actively lowered prices to liquidate inventory, causing a sharp drop in standard-quality copper quotes. As of 11:00 am, high-quality copper was quoted at parity, standard-quality copper at a discount of 300 yuan/mt, and hydro copper at a discount of 380 yuan/mt against the front-month contract. Due to the limited availability of high-quality copper, its quotes remained firm, while hydro copper suppliers were also reluctant to sell at excessively low prices, narrowing the price spread between hydro copper and standard-quality copper.
Overall, suppliers actively lowered prices to liquidate inventory, but actual transactions remained limited.
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