Sluggish Trading on the Mid-Year Settlement Day, with Neither Buyers nor Sellers Being Active [SMM South China Spot Copper]

SMM, June 30:

On June 30, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at 0 yuan/mt, down 20 yuan/mt from the previous trading day; standard-quality copper was quoted at a discount of 90 yuan/mt, down 30 yuan/mt; and SX-EW copper was quoted at a discount of 150 yuan/mt, down 30 yuan/mt. The average price of Guangdong #1 copper cathode was 102,080 yuan/mt, down 240 yuan/mt from the previous trading day, and the average price of SX-EW copper was 101,975 yuan/mt, down 245 yuan/mt.

Spot market: Guangdong inventory had increased for eight consecutive days, primarily due to sluggish consumption and increased arrivals. On the mid-year settlement day, market trading was sluggish, with both buyers and sellers inactive. Spot premiums continued to decline and were expected to improve only the next day. On that day, Guangdong copper cathode purchasing sentiment was 2.4, down 0.12 from the previous trading day, while selling sentiment was 2.83, down 0.1 (historical data can be accessed by logging into the database).

Overall, on the mid-year settlement day, market trading was sluggish, with both buyers and sellers inactive.