Copper prices pulled back, supplier restocking enthusiasm rose, and trading sentiment improved [SMM South China spot copper]

SMM Oct. 13:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were at a discount of 20 yuan/mt to a premium of 40 yuan/mt, with the average premium at 10 yuan/mt, down 20 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 80 yuan/mt to a discount of 60 yuan/mt, with the average discount at 70 yuan/mt, down 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 84,905 yuan/mt, down 1,630 yuan/mt from the previous trading day, while the average price of SX-EW copper was 84,825 yuan/mt, down 1,620 yuan/mt from the previous trading day.

Spot market: After the weekend, inventory in Guangdong continued to increase, marking the third consecutive day of significant growth, with weak downstream consumption being the main reason. After copper prices pulled back significantly, downstream enterprises' enthusiasm for restocking increased, and some suppliers actively lowered prices to facilitate sales, resulting in overall trading sentiment improving compared to last Friday. Today, purchasing sentiment for copper cathode in Guangdong was 2.25, up 0.43 from the previous trading day, while selling sentiment was 3.02, up 0.48 from the previous trading day (historical data can be queried in the database). As of 11:00, high-quality copper against the front-month contract was quoted at a premium of 4 yuan/mt, standard-quality copper at a discount of 20 yuan/mt, and SX-EW copper at a discount of 70 yuan/mt.

Overall, after copper prices pulled back, suppliers' enthusiasm for restocking increased, and trading sentiment improved.