SMM July 22:
Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at 200 yuan/mt, up 30 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 140 yuan/mt, up 60 yuan/mt; SX-EW copper was quoted at a premium of 80 yuan/mt, up 60 yuan/mt. The average price of Guangdong #1 copper cathode was 106,470 yuan/mt, up 1,605 yuan/mt from the previous trading day, and the average price of SX-EW copper was 106,380 yuan/mt, up 1,620 yuan/mt.
In the spot market, Guangdong inventory declined again today, hitting a new recent low, mainly driven by increased warehouse withdrawals. The sharp inventory decline prompted suppliers to hold prices firm, driving premiums significantly higher today. However, downstream enterprises showed weak willingness to restock amid high premiums and high copper prices, and overall trading sentiment was sluggish. Guangdong copper cathode procurement sentiment stood at 2.52, down 0.09 from the previous trading day, while shipment sentiment stood at 2.87, up 0.02 (historical data can be accessed through the database).
Overall, copper prices and premiums both rose, but spot trades were sluggish.
