SMM February 3 News:
Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were at a discount of 320-120 yuan/mt, with an average discount of 220 yuan/mt, up 45 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 380-360 yuan/mt, with an average discount of 370 yuan/mt, up 80 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 101,555 yuan/mt, up 1,265 yuan/mt from the previous trading day, while the average price of SX-EW copper was 101,405 yuan/mt, up 1,300 yuan/mt from the previous trading day.
Spot market: Guangdong inventory continued to rise today, marking the second consecutive increase, mainly due to higher arrivals. Although copper prices rebounded today, large suppliers did not continue to cut prices to clear stock but actively held prices firm, leading to an increase in spot premiums. However, downstream buyers' restocking enthusiasm remained moderate, with no large-scale purchasing observed. Today, purchasing sentiment for copper cathode in Guangdong was 1.98, up 0.09 from the previous trading day, while selling sentiment was 3.49, down 0.07 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 120 yuan/mt, standard-quality copper at a discount of 320 yuan/mt, and SX-EW copper at a discount of 370 yuan/mt.
Overall, copper prices rebounded and suppliers stopped cutting prices, leading to a rebound in spot premiums, but overall trading activity remained moderate.
![China Copper Social Inventory Continues Destocking, Regional Trends Diverge Significantly [SMM Weekly Data]](https://imgqn.smm.cn/usercenter/YIaMU20251217171711.jpg)
