






SMM July 1st News:
Today, in Guangdong, the spot premiums for #1 copper cathode against the front-month contract range from 50 yuan/mt to 130 yuan/mt, with an average premium of 90 yuan/mt, up 25 yuan/mt from the previous trading day. SX-EW copper is quoted at a discount of 10 yuan/mt to a premium of 10 yuan/mt, with an average of 0 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong is 80,075 yuan/mt, up 135 yuan/mt from the previous trading day, while the average price of SX-EW copper is 79,985 yuan/mt, up 130 yuan from the previous trading day.
Spot Market: Today, inventory in Guangdong continued to increase, but the growth was relatively small. Yesterday, due to the mid-year settlement, both inbound and outbound volumes were low. At the beginning of July, downstream procurement volume has increased, and suppliers have also raised premiums accordingly, leading to higher premiums today compared to yesterday. However, as copper prices have also risen simultaneously, premiums have only increased slightly. As of 11 a.m., high-quality copper for the front-month contract is quoted at 130 yuan/mt, standard-quality copper at a premium of 50 yuan/mt, and SX-EW copper at 0 yuan/mt. Finally, attention should be paid to whether Shanghai premiums can continue to rise. If they can, Guangdong premiums are expected to follow suit.
Overall, downstream procurement increased at the beginning of July, spot premiums rose, and overall trading activity was better than yesterday.
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