Copper prices pulled back and the price spread between futures contracts narrowed, boosting downstream purchasing enthusiasm [SMM spot copper in South China]

SMM reported on July 14:

Today, spot copper prices against the front-month contract in Guangdong were at a discount of 110 yuan/mt to a premium of 50 yuan/mt for #1 copper cathode, with an average discount of 30 yuan/mt, unchanged from the previous trading day. SX-EW copper was quoted at a discount of 170 yuan/mt to a discount of 150 yuan/mt, with an average discount of 160 yuan/mt, also unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,425 yuan/mt, down 325 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,295 yuan/mt, also down 325 yuan/mt from the previous trading day.

Spot market: After the weekend, inventory in Guangdong surged significantly again. With large spot discounts and approaching delivery, smelters actively shipped goods to warehouses for delivery. Due to the significant narrowing of the price spread between futures contracts and the continued decline in copper prices, downstream buyers' procurement volume increased WoW, and overall trading activity was better than that on last Friday. 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 110 yuan/mt, and SX-EW copper at a discount of 160 yuan/mt.

Overall, with copper prices pulling back and the price spread between futures contracts narrowing, downstream procurement enthusiasm has risen, and overall trading activity is better than that on last Friday.

》Subscribe to view SMM metal spot historical prices