SMM, July 29:
Today, spot #1 copper cathode in Guangdong against the front-month contract was quoted at premiums of 80-150 yuan/mt, with an average premium of 115 yuan/mt, up 10 yuan/mt from the previous trading day. SX-EW copper was quoted at premiums of 10-30 yuan/mt, averaging 20 yuan/mt, also up 10 yuan/mt on the day. The average price of #1 copper cathode in Guangdong stood at 105,080 yuan/mt, down 20 yuan/mt from the previous trading day, while SX-EW copper averaged 104,985 yuan/mt, also down 20 yuan/mt.
Spot market: Guangdong inventory edged down slightly today, mainly due to reduced arrivals. Market expectations of tighter supply ahead prompted suppliers to actively hold prices firm while selling, and premiums edged up slightly from yesterday. The buying sentiment for copper cathode in Guangdong was 2.55, up 0.01 from the previous trading day, while the selling sentiment was 2.94, also up 0.01 (historical data can be accessed in the SMM database). As of 11:00 am, high-quality copper against the front-month contract was quoted at a premium of 150 yuan/mt, standard-quality copper at 80 yuan/mt, and SX-EW copper at 20 yuan/mt.
Overall, with inventory showing signs of decline, suppliers held prices firm while selling, and spot premiums edged up slightly. Trading was generally moderate.
