Copper prices continued to pull back, with suppliers refusing to budge on prices while shipping goods, but downstream replenishment enthusiasm remained generally low [SMM spot copper in South China]

SMM News on July 10:

Today, in Guangdong, the spot prices of #1 copper cathode against the front-month contract ranged from a discount of 100 yuan/mt to a premium of 50 yuan/mt, with an average discount of 25 yuan/mt, representing an increase of 5 yuan/mt compared to the previous trading day. SX-EW copper was quoted at discounts ranging from 160 yuan/mt to 140 yuan/mt, with an average discount of 150 yuan/mt, up 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,540 yuan/mt, down 640 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,415 yuan/mt, down 635 yuan/mt from the previous trading day.

Spot Market: Despite the significant drop in copper prices yesterday, Guangdong's inventory continued to increase, marking the ninth consecutive day of growth, primarily due to a large influx of arrivals. Today, copper prices continued to decline, and suppliers finally stopped cutting prices to sell, leading to a slight rise in premiums. However, downstream buyers' enthusiasm for restocking was lower than yesterday, as they continued to be bearish on the market outlook. 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 100 yuan/mt, and SX-EW copper at a discount of 150 yuan/mt.

Overall, copper prices continued to pull back, and suppliers refused to budge on prices, but downstream buyers' enthusiasm for restocking was generally low, with overall trading volume falling short of yesterday's.

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