SMM January 2 News:
Today, spot #1 copper cathode in Guangdong was quoted at a premium of 100-150 yuan/mt against the front-month contract, with an average premium of 125 yuan/mt, up 20 yuan/mt from the previous trading day. Hydro copper was quoted at a premium of 40-60 yuan/mt, with an average premium of 50 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 73,930 yuan/mt, down 460 yuan/mt from the previous trading day, while the average price of hydro copper was 73,845 yuan/mt, also down 460 yuan/mt from the previous trading day.
Spot market: Today, Guangdong inventory increased for the fifth consecutive day, mainly due to weaker consumption and increased arrivals. Despite the inventory growth, copper prices declined, and suppliers were not in a hurry to sell, standing firm on quotes. However, downstream buyers showed limited restocking interest, purchasing only as needed, resulting in overall sluggish transactions. As of 11:00 am, high-quality copper was quoted at a premium of 150 yuan/mt, standard-quality copper at 100 yuan/mt, and hydro copper at a premium of 50 yuan/mt. Due to limited arrivals of imported copper, the price spread between hydro copper and standard-quality copper narrowed.
Overall, at the beginning of the year, suppliers refrained from dumping goods and stood firm on quotes, but downstream restocking remained inactive, leading to overall weak transactions.
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