The available supply has significantly decreased, and suppliers are actively refusing to budge on prices [SMM spot copper in South China]

SMM News on July 16:

Today, in Guangdong, spot prices for #1 copper cathode against the front-month contract were reported at premiums of 20 yuan/mt to 100 yuan/mt, with an average premium of 60 yuan/mt, up 55 yuan/mt from the previous trading day. SX-EW copper was reported at discounts of 40 yuan/mt to 20 yuan/mt, with an average discount of 30 yuan/mt, up 60 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,070 yuan/mt, up 30 yuan/mt from the previous trading day, while the average price of SX-EW copper was 77,980 yuan/mt, up 35 yuan/mt from the previous trading day.

Spot Market: Guangdong's inventory ended a two-day increase and began to decline again, with shipments from suppliers decreasing after the delivery period ended. According to our statistics, the warrant volume in Guangdong increased significantly by 9,300 mt over the past three trading days. Due to the reduction in available supply and the end of contract rollover, suppliers actively refused to budge on prices today, causing spot premiums to rise significantly compared to yesterday. As of 11 a.m., high-quality copper against the front-month contract was reported at 100 yuan/mt, standard-quality copper at a premium of 20 yuan/mt, and SX-EW copper at a discount of 30 yuan/mt.

Overall, available supply has significantly decreased, and suppliers are actively refusing to budge on prices, leading to an increase in premiums today.

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