Downstream purchasing enthusiasm weakened as month-end approached, with spot premiums for copper only maintaining yesterday's levels [SMM South China Spot Copper]

SMM, August 27:

Today, in Guangdong, spot prices of #1 copper cathode against the front-month contract ranged from a premium of 40 yuan/mt to a premium of 90 yuan/mt, with an average premium of 65 yuan/mt, unchanged from the previous trading day; SX-EW copper was quoted at a discount of 30 yuan/mt to a discount of 10 yuan/mt, with an average discount of 20 yuan/mt, also unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 79,465 yuan/mt, down by 90 yuan/mt from the previous trading day, while the average price of SX-EW copper was 79,380 yuan/mt, also down by 90 yuan/mt from the previous trading day.

Spot market: Guangdong's inventory has declined for seven consecutive days, with arrivals remaining low. As month-end approaches, downstream purchasing enthusiasm is low. Suppliers initially intended to refuse to budge on prices, but actual transactions were difficult, resulting in final transaction prices remaining flat with yesterday's. Today, the purchasing sentiment for copper cathode in Guangdong was 1.98, down by 0.11 from yesterday, while the selling sentiment was 3.04, up by 0.05 from yesterday.. As of 11:00 a.m., high-quality copper was quoted at a premium of 90 yuan/mt, standard-quality copper at a premium of 40 yuan/mt, and SX-EW copper at a discount of 20 yuan/mt against the front-month contract.

Overall, as month-end approaches, downstream purchasing enthusiasm has weakened, and spot premiums have only maintained yesterday's levels.