SMM July 22 News:
Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper quoted at 170 yuan/mt, unchanged from the previous trading day; standard-quality copper quoted at a premium of 80 yuan/mt, unchanged from the previous trading day; SX-EW copper quoted at a premium of 20 yuan/mt, unchanged from the previous trading day. The average price of Guangdong #1 copper cathode was 104,865 yuan/mt, up 685 yuan/mt from the previous trading day, and the average price of SX-EW copper was 104,760 yuan/mt, up 685 yuan/mt from the previous trading day.
Spot market: Guangdong inventory edged up today, mainly due to increased arrivals and reduced warehouse withdrawals. With higher inventory and a notable rebound in copper prices, suppliers found it difficult to hold prices firm and could only sell at levels maintained from yesterday, while downstream users merely purchased as needed, resulting in overall trading activity weaker than yesterday. The purchasing sentiment for electrolytic copper in Guangdong today was 2.61, down 0.05 from the previous trading day, and the shipment sentiment was 2.85, down 0.05 from the previous trading day (historical data can be accessed via the database).
Overall, the rebound in copper prices dampened restocking enthusiasm among downstream buyers, and spot trades were weaker than yesterday.
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