Inventory Ends Five Consecutive Declines with a Significant Increase; Spot Premiums Fall Under Pressure [SMM Spot Copper in South China]

SMM June 24 report:

Today in Guangdong, spot #1 copper cathode traded at a discount of 10 yuan/mt to a premium of 70 yuan/mt against the front-month contract, with an average premium of 30 yuan/mt, down 30 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, down 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,395 yuan/mt, up 100 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,305 yuan/mt, up 100 yuan/mt from the previous trading day.

Spot market: Today, inventory in Guangdong finally ended a five-day consecutive decline, showing a significant increase, primarily due to concentrated arrivals. Affected by this, suppliers had to lower prices to sell their goods. However, as the year-end approached, the enthusiasm for restocking among downstream buyers was not high. As a result, today's premiums declined significantly compared to yesterday, with overall trading activity being weak. As of 11 a.m., high-quality copper for the front-month contract was quoted at 70 yuan/mt, standard-quality copper at a discount of 10 yuan/mt, and SX-EW copper at a discount of 60 yuan/mt.

Overall, with inventory ending a five-day consecutive decline and showing a significant increase, spot premiums came under pressure and fell.

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