Copper prices fell, but suppliers refused to budge on prices when selling spot copper. However, trading was poor [SMM spot copper in South China]

SMM News on July 17:

Today, in Guangdong, spot #1 copper cathode is trading at a premium of 30 yuan/mt to 100 yuan/mt against the front-month contract, with an average premium of 65 yuan/mt, up 5 yuan/mt from the previous trading day. SX-EW copper is trading at a discount of 30 yuan/mt to 10 yuan/mt, with an average discount of 20 yuan/mt, up 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong is 77,965 yuan/mt, down 105 yuan/mt from the previous trading day, while the average price of SX-EW copper is 77,880 yuan/mt, up 100 yuan/mt from the previous trading day.

Spot Market: Inventory in Guangdong has risen again, primarily due to lower outflows from warehouses. Copper prices continue to pull back, and warrants have not yet been released, resulting in fewer marketable supplies. Suppliers are actively refusing to budge on prices. In the morning session, standard-quality copper was quoted at a premium of 40 yuan/mt, but poor trading led suppliers to lower their premiums. 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 premium of 30 yuan/mt, and SX-EW copper at a discount of 20 yuan/mt. It is worth noting that a large number of warrants (currently 19,000 mt in Guangdong) are expected to be released tomorrow, which is likely to suppress premiums.

Overall, copper prices have fallen, and suppliers are refusing to budge on prices, but trading remains poor, with premiums jumping initially and then pulling back.

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