Inventory Continues to Decline After the Weekend, Suppliers Actively Refuse to Budge on Prices While Shipping [SMM South China Spot Copper]

SMM, June 9:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were reported at a discount of 10 yuan/mt to a premium of 120 yuan/mt, with an average premium of 55 yuan/mt, up 55 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 70 yuan/mt to a discount of 50 yuan/mt, with an average discount of 60 yuan/mt, up 50 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,660 yuan/mt, down 140 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,545 yuan/mt, down 145 yuan/mt from the previous trading day.

Spot market: After the weekend, inventory in Guangdong continued to decline, marking three consecutive days of decrease, primarily due to reduced arrivals. The decline in inventory, coupled with lower copper prices, prompted suppliers to actively refuse to budge on prices and sell their goods. Additionally, the higher premiums in Shanghai drove a significant increase in spot premiums in Guangdong. As of 11 a.m., high-quality copper against the front-month contract was quoted at 120 yuan/mt, standard-quality copper at a discount of 10 yuan/mt, and SX-EW copper at a discount of 60 yuan/mt. If inventory continues to decline in the future, premiums are expected to rise further.

Overall, after the weekend, inventory continued to decline, suppliers actively refused to budge on prices and sold their goods, and trading activity was moderate.

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