SMM June 25:
Spot Guangdong #1 copper cathode against the front-month contract today: high-quality copper was quoted at 90 yuan/mt, up 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 20 yuan/mt, flat from the previous trading day; SX-EW copper was quoted at a discount of 40 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 101,140 yuan/mt, down 2,170 yuan/mt from the previous trading day, and the average price of SX-EW copper was 101,045 yuan/mt, down 2,155 yuan/mt from the previous trading day.
Spot market: Guangdong inventory increased for five consecutive trading days, with rising arrivals and weak consumption being the main reasons. Although copper prices pulled back notably, downstream players worried about further declines, and with month-end approaching, downstream enterprises’ restocking willingness only improved slightly from yesterday. As a result, suppliers failed to continue holding prices firm and had to sell at premiums unchanged from yesterday. The purchasing sentiment index for copper cathode in Guangdong today was 2.79, up 0.13 from the previous trading day, and the selling sentiment index was 2.89, up 0.04 (historical data can be accessed via the database).
Overall, although copper prices continued to decline, end-use demand was moderate, and spot premiums were merely flat from yesterday.
