After a significant pullback in copper prices, downstream buyers' willingness to replenish stocks increased, and the overall trading atmosphere was better than yesterday [SMM South China spot copper]

SMM News on July 9:

Today, in Guangdong, the spot prices of #1 copper cathode against the front-month contract ranged from a discount of 110 yuan/mt to a premium of 50 yuan/mt, with an average discount of 30 yuan/mt, marking an increase of 20 yuan/mt from the previous trading day. SX-EW copper was quoted at discounts ranging from 170 yuan/mt to 150 yuan/mt, with an average discount of 160 yuan/mt, representing a decrease of 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 79,180 yuan/mt, down 430 yuan/mt from the previous trading day, while the average price of SX-EW copper was 79,050 yuan/mt, down 440 yuan/mt from the previous trading day.

Spot Market: Guangdong's inventory continued to increase, marking the eighth consecutive day of growth, primarily due to weak consumption. After the continuous pullback in copper prices, downstream buyers' willingness to replenish stocks improved slightly compared to yesterday. However, some suppliers still faced pressure to liquidate their inventory and continued to lower prices, leading to a slight decrease in premiums today. As of 11 a.m., high-quality copper for the front-month contract was quoted at a premium of 50 yuan/mt, standard-quality copper at a discount of 120 yuan/mt, and SX-EW copper at a discount of 170 yuan/mt. As the delivery date approaches, the quotes for high-quality copper remain firm, widening the price spread between high-quality copper and standard-quality copper.

Overall, after the significant pullback in copper prices, downstream buyers' willingness to replenish stocks has increased, and the overall trading atmosphere is better than yesterday.

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