SMM July 30 News:
Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper was quoted at 150 yuan/mt, flat from the previous trading day; standard-quality copper was quoted at a premium of 80 yuan/mt, flat from the previous trading day; SX-EW copper was quoted at a premium of 20 yuan/mt, flat from the previous trading day. The average price of Guangdong #1 copper cathode was 105,455 yuan/mt, up 375 yuan/mt from the previous trading day, and the average price of SX-EW copper was 105,360 yuan/mt, up 375 yuan/mt from the previous trading day.
Spot market: Guangdong inventory fell for two consecutive days, mainly due to fewer arrivals. In early trading, some suppliers actively held prices firm as copper prices fell, and the premium for standard-quality copper briefly shot up to 90 yuan/mt. However, as the month-end approached, downstream enterprises had weak replenishment appetite due to financial constraints, forcing suppliers to lower their premium quotes to sell. Ultimately, the transaction price for standard-quality copper was 80 yuan/mt, flat from yesterday. Today, the purchasing sentiment for copper cathode in the Guangdong region was 2.5, down 0.05 from the previous trading day, while the shipment sentiment was 2.96, up 0.02 from the previous trading day (historical data can be queried in the database).
Overall, as month-end approached, consumption was sluggish, making it difficult for suppliers to hold prices firm. Spot premiums retreated after a rapid rise, and overall trading was light.
