Spot trades improved after delivery, with premiums slightly rising. [SMM Southern China Spot Copper]

SMM Oct. 16:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were at a premium of 20-80 yuan/mt, with the average premium at 50 yuan/mt, up 10 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 40-20 yuan/mt, with the average discount at 30 yuan/mt, up 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 85,115 yuan/mt, down 100 yuan/mt from the previous trading day, while the average price of SX-EW copper was 85,035 yuan/mt, down 100 yuan/mt from the previous trading day.

Spot market: Guangdong inventory finally ended its five consecutive days of increases and recorded a slight decline, mainly due to reduced arrivals after delivery. Copper prices changed relatively little, but influenced by the drop in inventory, suppliers refused to budge on prices when selling today, while downstream enterprises' willingness to restock after delivery increased compared to yesterday, leading to an overall improvement in trading sentiment. Procurement sentiment for copper cathode in Guangdong today was 2.16, up 0.45 from the previous trading day, while sales sentiment was 2.68, up 0.25 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 80 yuan/mt, standard-quality copper at a premium of 20 yuan/mt, and SX-EW copper at a discount of 30 yuan/mt.

Overall, spot trades improved after delivery, with premiums edging higher.