Inventory continued to decline and suppliers took the opportunity to hold prices firm, but overall trading was moderate [SMM South China Spot Copper]

SMM, July 3:

Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 60 yuan/mt, up 10 yuan/mt from the prior trading day; standard-quality copper was quoted at 20 yuan/mt, up 20 yuan/mt from the prior trading day; and SX-EW copper was quoted at a discount of 50 yuan/mt, up 10 yuan/mt from the prior trading day. The average price of Guangdong #1 copper cathode was 102,965 yuan/mt, up 625 yuan/mt from the prior trading day, while the average price of SX-EW copper was 102,875 yuan/mt, up 620 yuan/mt from the prior trading day.

Spot market: Guangdong inventory pulled back for a second consecutive day, mainly due to reduced arrivals and increased warehouse withdrawals. Suppliers held prices firm amid the continuous decline in inventory. Downstream restocking volumes increased somewhat ahead of the weekend, but the concurrent rise in copper prices and premiums constrained procurement volumes. Today’s copper cathode procurement sentiment in the Guangdong region stood at 2.48, unchanged from the prior trading day, while shipment sentiment came in at 2.89, up 0.03 from the prior trading day (historical data can be queried by logging into the database).

Overall, suppliers held prices firm amid the continuous decline in inventory, but overall trading was moderate.