SMM January 20:
Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were at a discount of 220-100 yuan/mt, with an average discount of 160 yuan/mt, down 75 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 280-260 yuan/mt, with an average discount of 270 yuan/mt, down 80 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 100,915 yuan/mt, unchanged from the previous trading day, while the average price of SX-EW copper was 100,805 yuan/mt, down 5 yuan/mt from the previous trading day.
Spot market: Guangdong inventory increased slightly today, mainly due to increased arrivals. Although copper prices changed relatively little, downstream purchasing willingness declined compared to yesterday, and suppliers faced pressure to liquidate, actively lowering premiums to sell, leading to a significant drop in premiums. Today, purchasing sentiment for copper cathode in Guangdong was 2.31, down 0.12 from the previous trading day, while selling sentiment was 3.14, up 0.15 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 discount of 100 yuan/mt, standard-quality copper at a discount of 220 yuan/mt, and SX-EW copper at a discount of 270 yuan/mt.
Overall, suppliers actively sold goods, spot premiums declined significantly, and the overall trading atmosphere was moderate.
