SMM May 22 update:
Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 210 yuan/mt, down 30 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 140 yuan/mt, down 25 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 70 yuan/mt, down 20 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,570 yuan/mt, down 955 yuan/mt from the previous trading day, and the average price of SX-EW copper was 104,465 yuan/mt, down 950 yuan/mt from the previous trading day.
Spot market: Today, Guangdong inventory increased significantly for the third consecutive day, mainly due to increased arrivals and reduced warehouse withdrawals. Although copper prices continued to decline, traders and end-users showed little enthusiasm for restocking, especially against the backdrop of some large enterprises actively reducing operating rates, making market trades even more subdued. Today, the procurement sentiment for copper cathode in Guangdong was 1.81, down 0.1 from the previous trading day, and the shipments sentiment was 2.49, up 0.07 from the previous trading day (historical data can be accessed via the database).
Overall, downstream operating rates declined and procurement volume decreased, with spot trades remaining inactive.
