Copper Prices Fall Downstream Restocking Increases Spot Premiums Slightly Rise [SMM South China Spot Copper]

SMM Nov. 14:

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 50 yuan/mt, with the average premium at 15 yuan/mt, up 10 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 90 yuan/mt to a discount of 50 yuan/mt, with the average discount at 70 yuan/mt, up 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 86,980 yuan/mt, down 115 yuan/mt from the previous trading day, while the average price of SX-EW copper was 86,895 yuan/mt, down 115 yuan/mt from the previous trading day. Spot market: Inventory in Guangdong declined for the fourth consecutive day, mainly due to reduced arrivals and increased warehouse withdrawals. After copper prices fell, downstream restocking increased, and suppliers held prices firm to sell, leading to improved overall trading compared with the previous day. Today, purchasing sentiment for copper cathode in Guangdong was 1.65, up 0.28 from the previous trading day, while selling sentiment was 2.52, down 0.34 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 50 yuan/mt, standard-quality copper at a discount of 20 yuan/mt, and SX-EW copper at a discount of 70 yuan/mt.

Overall, copper prices fell, downstream restocking increased, spot premiums edged higher, and overall trading improved slightly.