Limited available supply kept supplier quotes firm, but downstream demand was weak [SMM South China spot copper]

SMM, September 10:

Today in Guangdong, spot prices of #1 copper cathode against the front-month contract: high-quality copper was quoted at a premium of 250 yuan/mt, unchanged from the previous trading day; standard-quality copper was quoted at a premium of 150 yuan/mt, unchanged from the previous trading day; SX-EW copper was quoted at a premium of 90 yuan/mt, unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 112,610 yuan/mt, up 950 yuan/mt from the previous trading day, while the average price of SX-EW copper was 112,500 yuan/mt, up 950 yuan/mt from the previous trading day.

Spot market: Guangdong inventory edged down today, mainly due to reduced arrivals. Although copper prices rose sharply, suppliers were unwilling to lower prices to sell amid limited available supply in the market. Buyers were forced to accept high premiums but only purchased as needed, resulting in subdued overall transactions. Today, the purchasing sentiment for copper cathode in Guangdong was 2.41, down 0.04 from the previous trading day, while the selling sentiment was 2.84, up 0.02 from the previous trading day (historical data can be queried in the database).

Overall, with limited available supply, suppliers held firm quotes, but downstream demand was weak, leading to lackluster trading.