Inventory fell for five consecutive weeks, suppliers refused to budge on prices when selling, but actual transactions were average [SMM spot copper in South China]

SMM News on June 11:

Today, in Guangdong, spot #1 copper cathode was quoted at a premium of 30 yuan/mt to 150 yuan/mt against the front-month contract, with an average premium of 90 yuan/mt, up 30 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 40 yuan/mt to 20 yuan/mt, with an average discount of 30 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 79,305 yuan/mt, up 145 yuan/mt from the previous trading day, while the average price of SX-EW copper was 79,185 yuan/mt, up 85 yuan/mt from the previous trading day.

Spot market: Guangdong's inventory continued to decline, marking the fifth consecutive day of decline. It is reported that nearby smelters have engaged in exports, leading to reduced supply. Stimulated by this, suppliers actively refused to budge on prices. In the morning session, standard-quality copper was once quoted at a premium of 80 yuan/mt, but downstream buyers were reluctant to rush to buy amid continuous price rise, forcing the premium to be lowered. However, actual transactions remained sluggish even after the premium was lowered. As of 11 a.m., high-quality copper for the front-month contract was quoted at 150 yuan/mt, standard-quality copper at a premium of 30 yuan/mt, and SX-EW copper at a discount of 30 yuan/mt.

Overall, with inventory declining for five consecutive days, suppliers refused to budge on prices when shipping goods, but actual transactions remained average.

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