Both inventory and copper prices decline, while suppliers refuse to budge on prices when selling spot cargo [SMM spot copper in South China]

SMM May 22 report:

Today in Guangdong, spot prices for #1 copper cathode against the front-month contract were reported at premiums of 160 yuan/mt to 250 yuan/mt, with an average premium of 205 yuan/mt, up 20 yuan/mt from the previous trading day. SX-EW copper was reported at premiums of 100 yuan/mt to 120 yuan/mt, with an average premium of 110 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,090 yuan/mt, down 230 yuan/mt from the previous trading day, while the average price of SX-EW copper was 77,995 yuan/mt, down 230 yuan/mt from the previous trading day.

Spot market: Today, inventory in Guangdong declined significantly, primarily due to reduced arrivals and increased outflows from warehouses. With copper prices falling and inventory declining, suppliers actively refused to budge on prices while selling. In the morning session, the transaction price for standard-quality copper was 180 yuan/mt. As the number of sellers increased, spot premiums declined, and the transaction price for standard-quality copper fell to a premium of 160 yuan/mt. As of 11 a.m., high-quality copper against the front-month contract was reported at a premium of 250 yuan/mt, standard-quality copper at a premium of 160 yuan/mt, and SX-EW copper at a premium of 110 yuan/mt. Attention should be paid to whether inventory will continue to decline tomorrow.

Overall, both inventory and copper prices have declined, with suppliers refusing to budge on prices while selling. Overall trading activity was slightly better than yesterday.

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