Futures Rollover Spread Wide, Spot Trades Quiet [SMM South China Spot Copper]

SMM July 15 news:

Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was at 80 yuan/mt, flat from the previous trading day; standard-quality copper was at a discount of 20 yuan/mt, flat from the previous trading day; SX-EW copper was at a discount of 80 yuan/mt, flat from the previous trading day. The average price of Guangdong #1 copper cathode was 105,205 yuan/mt, up 1,100 yuan/mt from the previous trading day, and the average price of SX-EW copper was 105,095 yuan/mt, up 1,085 yuan/mt from the previous trading day.

Spot market: Guangdong inventory ended a two-session uptick and declined again, mainly due to reduced arrivals. Influenced by a wide price spread between futures contracts, downstream enterprises showed low restocking interest, while suppliers had no intention of lowering prices. The market exhibited a weak supply-demand dynamic. The purchasing sentiment for copper cathode in Guangdong was 2.39, down 0.02 from the previous trading day, while the shipment sentiment was 2.88, down 0.04 from the previous trading day. (Historical data can be queried in the database.)

Overall, with a wide spread during the futures contract rollover, spot trades were quiet.