Both inventory and copper prices declined, and suppliers held prices firm to sell [SMM South China Spot Copper]

SMM, July 8:

Today, Guangdong #1 copper cathode spot premiums against the front-month contract: high-quality copper quoted at a premium of 90 yuan/mt, up 10 yuan/mt from the previous trading day; standard-quality copper quoted at a premium of 20 yuan/mt, up 10 yuan/mt; SX-EW copper quoted at a discount of 50 yuan/mt, up 10 yuan/mt. The average price of Guangdong #1 copper cathode was 102,905 yuan/mt, down 240 yuan/mt from the previous trading day, and the average price of SX-EW copper was 102,800 yuan/mt, down 240 yuan/mt.

Spot market: Guangdong inventory declined for the fifth consecutive day, primarily due to persistently low arrivals. With both copper prices and inventory falling, suppliers held prices firm, and spot premiums edged up 10 yuan/mt from yesterday. Downstream buyers also took advantage of lower prices to restock moderately, with overall trading slightly better than yesterday. The copper cathode purchasing sentiment in Guangdong today stood at 2.65, up 0.06 from the previous trading day, while selling sentiment was 2.86, down 0.06 (historical data can be queried via the database).

Overall, with inventory and copper prices both declining, suppliers held prices firm and sold, pushing spot premiums higher.