SMM, June 23:
Today, Guangdong #1 copper cathode spot prices against the front-month contract were: high-quality copper at a premium of 80 yuan/mt, down 40 yuan/mt from the previous trading day; standard-quality copper at a premium of 10 yuan/mt, down 40 yuan/mt from the previous trading day; and SX-EW copper at a discount of 70 yuan/mt, down 40 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,285 yuan/mt, down 390 yuan/mt from the previous trading day, while the average price of SX-EW copper was 104,170 yuan/mt, down 410 yuan/mt from the previous trading day.
Spot market: Guangdong inventory increased for the third consecutive trading day today, mainly due to increased arrivals and weakening consumption. Approaching midyear, some suppliers had cash realization needs and actively cut prices to facilitate sales, while downstream users took the opportunity to restock, leading to overall trading activity that improved from yesterday. Today's procurement sentiment for copper cathode in Guangdong was 2.62, up 0.08 from the previous trading day, while the shipment sentiment was 2.81, up 0.03 from the previous trading day. (Historical data can be accessed via the database.)
Overall, with both copper prices and premiums declining, restocking increased and market trading improved.
