SMM June 24:
Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper was quoted at a premium of 80 yuan/mt, unchanged from the previous trading day; standard-quality copper was quoted at a premium of 20 yuan/mt, up 10 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 60 yuan/mt, up 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 103,310 yuan/mt, down 975 yuan/mt from the previous trading day, and the average price of SX-EW copper was 103,200 yuan/mt, down 970 yuan/mt.
Spot market: Guangdong inventory increased for the fourth consecutive trading day, driven mainly by increased arrivals. Quotations were chaotic today; standard-quality copper traded at parity in early trading, but some suppliers, seeing copper prices continue to fall, held prices firm and offered at 50 yuan/mt. However, the sharp increase led downstream buyers to refrain from chasing higher prices, and trading showed a pattern of initial strength followed by weakness. The buying sentiment for copper cathode in Guangdong was 2.66, up 0.04 from the previous trading day, and the selling sentiment was 2.85, up 0.04 from the previous trading day (historical data can be accessed via the database).
Overall, as copper prices continued to fall, suppliers began to hold prices firm and sell, spot premiums bottomed out, and overall trading was moderate.
