With two consecutive declines in inventory, suppliers actively refuse to budge on prices when shipping goods, and premiums rise accordingly [SMM spot copper in South China]

SMM, June 6:

Today, in Guangdong, spot #1 copper cathode was quoted at a discount of 60 yuan/mt to a premium of 60 yuan/mt against the front-month contract, with an average discount of 0 yuan/mt, up 15 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 120 yuan/mt to 100 yuan/mt, with an average discount of 110 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,800 yuan/mt, up 535 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,690 yuan/mt, up 540 yuan/mt from the previous trading day.

Spot market: Inventory in Guangdong has declined for two consecutive days, primarily due to reduced arrivals. Despite the significant increase in copper prices today, supported by the decline in inventory, suppliers generally refused to budge on prices when selling, and low-priced standard-quality copper was quickly snapped up, leading to an increase in premiums. As of 11 a.m., high-quality copper for the front-month contract was quoted at 60 yuan/mt, standard-quality copper at a discount of 60 yuan/mt, and SX-EW copper at a discount of 110 yuan/mt. Attention should be paid to whether inventory will build up again over the weekend.

Overall, with inventory declining for two consecutive days, suppliers actively refused to budge on prices when selling, causing premiums to rise.

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