Today, Guangdong #1 copper cathode spot was quoted at a discount of 160 yuan/mt to 100 yuan/mt against 2407 contract, with an average discount of 130 yuan/mt, up 20 yuan/mt from the previous trading day. Hydro copper was quoted at a discount of 290-230 yuan/mt, with an average discount of 260 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 78,540 yuan/mt, up 175 yuan/mt from the previous trading day, and the average price of hydro copper was 78,410 yuan/mt, up 175 yuan/mt from the previous trading day.
Spot market: Today, Guangdong inventory kept climbing for the ninth consecutive day, but the increase has slowed down. Attention is on when this wave of inventory accumulation will end. As sellers prefer delivery (it is reported that the current warrant volume in Guangdong is 58,600 mt, an increase of 3,578 mt from yesterday), the amount of standard-quality copper for sale is relatively low. Therefore, sellers continue to hold firm on prices. As of 11:00, the 2407 contract for high-quality copper was quoted at a discount of 100 yuan/mt, standard-quality copper at a discount of 160 yuan/mt, and hydro copper at a discount of 260 yuan/mt.
Overall, the amount of standard-quality copper available for sale decreased, sellers are holding firm on prices, and overall trading is moderate.
