SMM Jan. 21:
Spot prices of #1 copper cathode in Guangdong against the front-month contract were at a discount of 200-90 yuan/mt today, with the average discount at 145 yuan/mt, up 15 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 260-240 yuan/mt, with the average discount at 250 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 99,820 yuan/mt, down 1,095 yuan/mt from the previous trading day, while the average price of SX-EW copper was 99,715 yuan/mt, down 1,090 yuan/mt from the previous trading day.
Spot market: Inventory in Guangdong increased for two consecutive days, but the increases were relatively small. Moreover, due to a significant pullback in copper prices, suppliers showed a strong willingness to hold prices firm. During the morning session, standard-quality copper was once quoted at a discount of 180 yuan/mt; however, processing enterprises showed low acceptance. According to processing enterprises, although copper prices pulled back, end-users' ordering enthusiasm did not increase significantly, forcing suppliers to lower their premiums again to move cargo. Today, purchasing sentiment for copper cathode in Guangdong was 2.43, up 0.12 from the previous trading day, while selling sentiment was 3.32, up 0.18 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 90 yuan/mt, standard-quality copper at a discount of 200 yuan/mt, and SX-EW copper at a discount of 250 yuan/mt.
Overall, downstream enterprises' restocking enthusiasm remained moderate amid the pullback in copper prices, and premiums only edged up today.
