Copper prices pulled back and downstream purchases increased slightly over the weekend, resulting in improved overall trading [SMM South China Spot Copper]

SMM July 24 News:

Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper was quoted at 190 yuan/mt, down 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 140 yuan/mt, flat from the previous trading day; SX-EW copper was quoted at a premium of 80 yuan/mt, flat from the previous trading day. The average price of #1 copper cathode in Guangdong was 105,085 yuan/mt, down 1,215 yuan/mt from the previous trading day, and the average price of SX-EW copper was 105,000 yuan/mt, down 1,210 yuan/mt.

Spot market: Guangdong inventory declined for three consecutive days, hitting a new low in the near term, mainly due to reduced arrivals and increased warehouse withdrawals. Copper prices pulled back again, and with the weekend, downstream enterprises' purchasing enthusiasm improved slightly compared to yesterday; suppliers maintained the previous day's premium levels for shipments, with little change in spot transaction prices. Today, the purchasing sentiment for copper cathode in Guangdong was 2.56, up 0.06 from the previous trading day, while the shipment sentiment was 2.80, down 0.05. Tight supply led to reduced shipment enthusiasm. (Historical data can be queried by logging into the database.)

Overall, copper prices pulled back, and with the weekend, downstream purchasing increased slightly, leading to improved overall trading.