Although inventories have declined again, suppliers are still lowering prices to sell their cargo. Market trading is inactive [SMM South China spot copper]

SMM June 25 Report:

Today in Guangdong, the spot prices for #1 copper cathode against the front-month contract ranged from a discount of 30 yuan/mt to a premium of 50 yuan/mt, with an average premium of 10 yuan/mt, down 20 yuan/mt from the previous trading day. SX-EW copper was quoted at discounts ranging from 90 yuan/mt to 70 yuan/mt, with an average discount of 80 yuan/mt, down 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,565 yuan/mt, up 170 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,475 yuan/mt, up 170 yuan/mt from the previous trading day.

Spot Market: Today, inventory in Guangdong resumed its decline, primarily due to reduced arrivals. Despite the inventory decline, the market exhibited weak supply and demand due to low purchasing interest from downstream enterprises approaching mid-year and the need for suppliers to clear inventory. This situation caused spot premiums to continue to fall. We anticipate that this situation will not improve until early July. As of 11 a.m., high-quality copper for the front-month contract was quoted at 50 yuan/mt, standard-quality copper at a discount of 30 yuan/mt, and SX-EW copper at a discount of 80 yuan/mt.

Overall, despite the renewed decline in inventory, suppliers are still lowering prices to sell, and market trading activity remains sluggish.

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