Spot trading was sluggish on the delivery day, with attention focused on whether inventory will decline again after delivery. [SMM Southern China Spot Copper]

SMM Oct. 15:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were at a premium of 10-70 yuan/mt, with an average premium of 40 yuan/mt, up 20 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 50-30 yuan/mt, with an average discount of 40 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 85,215 yuan/mt, down 945 yuan/mt from the previous trading day, while the average price of SX-EW copper was 85,135 yuan/mt, down 945 yuan/mt from the previous trading day.

Spot market: Guangdong inventory continued to rise, marking the fifth consecutive increase, with weak consumption being the main reason. Although copper prices pulled back again, downstream enterprises had low restocking interest due to the delivery day. Purchasing sentiment for copper cathode in Guangdong was 1.71, down 0.27 from the previous trading day, while selling sentiment was 2.87, down 0.44 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 70 yuan/mt, standard-quality copper at a premium of 10 yuan/mt, and SX-EW copper at a discount of 40 yuan/mt.

Overall, spot trades were quiet on the delivery day, with attention on whether inventory will decline again after the delivery.