Copper prices rose but suppliers were unwilling to lower prices for shipments, overall trading was weaker than yesterday [SMM South China Spot Copper]

SMM November 26:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were at a premium of 80-160 yuan/mt, with an average premium of 120 yuan/mt, unchanged from the previous trading day. SX-EW copper was quoted at a discount of 10 yuan/mt to a premium of 30 yuan/mt, with an average premium of 10 yuan/mt, also flat from the previous trading day. The average price of #1 copper cathode in Guangdong was 86,705 yuan/mt, up 205 yuan/mt from the previous trading day, while the average price of SX-EW copper was 86,595 yuan/mt, also up 205 yuan/mt.

Spot market: Guangdong's copper cathode inventory edged down today, mainly due to reduced arrivals. Despite the inventory decline, copper prices rose, and downstream buyers showed little interest in restocking given the high premiums. However, suppliers were unwilling to further lower their selling prices, leading to a significant divergence between the two sides. Overall trading activity was weaker than yesterday. Today, the procurement sentiment for copper cathode in Guangdong was 2.38, down 0.11 from the previous trading day, while the selling sentiment was 2.84, up 0.09 (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 160 yuan/mt, standard-quality copper at a premium of 80 yuan/mt, and SX-EW copper at a premium of 10 yuan/mt.

Overall, copper prices rose, but suppliers were reluctant to lower their selling prices, resulting in weaker overall trading activity compared to yesterday.