Downstream restocking demand was weak at month-end, but suppliers insisted on high premiums, with spot premiums unchanged from the previous day. [SMM Southern China Spot Copper]

SMM November 28 news:
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, flat 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, flat from the previous trading day. The average price of #1 copper cathode in Guangdong was 87,330 yuan/mt, up 270 yuan/mt from the previous trading day, while the average price of SX-EW copper was 87,220 yuan/mt, also up 270 yuan/mt.

Spot market: Copper cathode inventory in Guangdong continued to decline, marking the third consecutive drop, with scarce arrivals being the main reason. Despite the continuous inventory decline, downstream restocking demand was very weak near month-end, forcing suppliers to maintain yesterday's premiums, resulting in overall inactive trading. Today, the procurement sentiment for copper cathode in Guangdong was 2.07, down 0.16 from the previous trading day, while the sales sentiment was 2.71, down 0.2 (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, downstream restocking demand was low at month-end, but suppliers insisted on high premiums, keeping spot premiums flat from yesterday.