Amidst robust supply and demand over the weekend, overall trading was better than yesterday [SMM South China Spot Copper]

SMM August 22 News:

Today, in Guangdong, #1 copper cathode spot prices against the front-month contract ranged from 30 yuan/mt to a premium of 90 yuan/mt, with an average premium of 60 yuan/mt, unchanged from the previous trading day; SX-EW copper was quoted at a discount of 40 yuan/mt to 20 yuan/mt, with an average discount of 30 yuan/mt, also unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,735 yuan/mt, up 40 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,645 yuan/mt, also up 40 yuan/mt.

Spot market: Guangdong inventory has been declining for four consecutive days, with reduced arrivals and increased outflows leading to a continuous decrease in inventory. As it was the weekend, procurement volume increased, but warrants were also continuously flowing out, resulting in today's premiums remaining on par with yesterday. Today, the procurement sentiment for electrolytic copper in the Guangdong region was 2.43, and the delivery sentiment was 2.91 (historical data can be accessed by logging into the database). By 11 am, high-quality copper was quoted at 90 yuan/mt, standard-quality copper at 30 yuan/mt, and SX-EW copper at a discount of 30 yuan/mt against the front-month contract.

Overall, despite increased demand and higher outflows over the weekend, spot premiums remained unchanged from yesterday, with overall trading activity better than the previous day.