Suppliers' active liquidation of warrants caused premiums to continue to decline, with overall trading slightly better than yesterday [SMM spot copper in South China]

Published: Jun 19, 2025 15:00

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SMM, June 19:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were reported at premiums of 90 yuan/mt to 180 yuan/mt, with an average premium of 135 yuan/mt, down 45 yuan/mt from the previous trading day. SX-EW copper was reported at premiums of 30 yuan/mt to 50 yuan/mt, with an average premium of 40 yuan/mt, down 50 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,675 yuan/mt, down 165 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,580 yuan/mt, down 170 yuan/mt from the previous trading day.

Spot market: Inventory in Guangdong has declined for three consecutive days, primarily due to limited arrivals. Today, suppliers continued to actively sell their cargoes, especially those holding warrants, who were eager to liquidate their positions. According to statistics, the current volume of warrants in Guangdong is 9,900 mt, down 1,700 mt from yesterday. As a result, spot premiums continued to decline sharply today. As of 11 a.m., high-quality copper against the front-month contract was reported at 180 yuan/mt, standard-quality copper at a premium of 90 yuan/mt, and SX-EW copper at a premium of 40 yuan/mt.

Overall, suppliers' active liquidation of warrants has led to a continued decline in premiums, with overall trading slightly better than yesterday.

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