Copper prices rise, downstream players reluctant to rush to buy amid continuous price rise to replenish stocks, overall trading volume weaker than yesterday. [SMM Spot Copper in South China]

SMM News on June 10:

Today in Guangdong, spot #1 copper cathode was quoted at a premium of 0 yuan/mt to a premium of 120 yuan/mt against the front-month contract, with an average premium of 60 yuan/mt, up 5 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, unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 79,160 yuan/mt, up 500 yuan/mt from the previous trading day, while the average price of SX-EW copper was 79,100 yuan/mt, up 555 yuan/mt from the previous trading day.

Spot market: Today, inventory in Guangdong continued to decline, marking the fourth consecutive day of decline. However, constrained by the rising copper prices, downstream enterprises were not active in restocking today. Suppliers found it difficult to significantly raise prices, with quotes only rising slightly by 10 yuan/mt from yesterday. Overall trading activity was weaker than yesterday. As of 11 a.m., high-quality copper for the front-month contract was quoted at a premium of 120 yuan/mt, standard-quality copper at a discount of 0 yuan/mt, and SX-EW copper at a discount of 60 yuan/mt.

Overall, with copper prices rising, downstream enterprises were reluctant to rush to buy amid continuous price rise and restock, resulting in weaker overall trading activity compared to yesterday.

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