The Pre-Holiday Atmosphere Is Strong, and Market Trading Is Sluggish; Suppliers Focus on Registered Warehouse Warrants [SMM South China Spot Copper]

SMM, January 27:

Today, spot #1 copper cathode in Guangdong was quoted at a discount of 260 yuan/mt to parity against the front-month contract, with an average discount of 130 yuan/mt, up 45 yuan/mt from the previous trading day. Hydro copper was quoted at a discount of 360-320 yuan/mt, with an average discount of 340 yuan/mt, up 90 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 75,090 yuan/mt, up 50 yuan/mt from the previous trading day, while the average price of hydro copper was 74,880 yuan/mt, up 95 yuan/mt.

Spot market: Guangdong inventory has risen for 11 consecutive days, mainly due to weak consumption and increased arrivals. On the last trading day before the Chinese New Year, actual market transactions were minimal. Suppliers were unwilling to sell at low prices and stood firm on quotes, leading to a significant rise in premiums. As of 11:00 am, high-quality copper against the front-month contract was quoted at parity, standard-quality copper at a discount of 260 yuan/mt, and hydro copper at a discount of 340 yuan/mt.

Overall, the pre-holiday atmosphere was strong, and market trading was subdued, with suppliers primarily registering warehouse warrants.

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