Weak Consumption Drives Suppliers to Continuously Lower Prices to Sell, Overall Trading Remains Sluggish [SMM South China Spot Copper]
Today, spot #1 copper cathode in Guangdong was quoted at a discount of 180-50 yuan/mt against the front-month contract, with an average discount of 115 yuan/mt, down 40 yuan/mt from the previous trading day. Hydro copper was quoted at a discount of 350-250 yuan/mt, with an average discount of 300 yuan/mt, down 100 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 75,365 yuan/mt, down 755 yuan/mt from the previous trading day, while the average price of hydro copper was 75,180 yuan/mt, down 815 yuan/mt.
Spot Market: After the weekend, Guangdong inventory continued to increase, marking the sixth consecutive rise, mainly due to weak consumption. Although copper prices dropped significantly, downstream enterprises generally entered the pre-holiday shutdown period with low restocking willingness. Suppliers had to keep lowering prices to sell. As of 11:00 am, high-quality copper was quoted at a discount of 50 yuan/mt against the front-month contract, standard-quality copper at a discount of 200 yuan/mt, and hydro copper at a discount of 350 yuan/mt. The increased supply of hydro copper widened the price spread between standard-quality copper and hydro copper.
Overall, weak consumption and continuous price reductions by suppliers to promote sales led to sluggish trading activity.
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