Suppliers actively held prices firm for shipments, but actual transactions were relatively quiet [SMM South China Spot Copper]

SMM February 11:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were at a discount of 120 yuan/mt to 0 yuan/mt, with the average discount at 60 yuan/mt, an increase of 45 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 200 yuan/mt to 160 yuan/mt, with the average discount at 180 yuan/mt, up 60 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 101,175 yuan/mt, down 400 yuan/mt from the previous trading day, while the average price of SX-EW copper was 101,105 yuan/mt, down 335 yuan/mt.

Spot market: Guangdong inventory increased for three consecutive days, mainly due to reduced consumption. Although downstream users were already in a semi-holiday state, suppliers held prices firm with strong sentiment, pushing premiums higher; however, actual transactions were sluggish. Today, the procurement sentiment for copper cathode in Guangdong was 2.04, down 0.2 from the previous trading day, while the shipment sentiment was 3.21, up 0.16 (historical data can be queried in the database). As of 11:00, high-quality copper against the front-month contract was quoted at 0 yuan/mt, standard-quality copper at a discount of 120 yuan/mt, and SX-EW copper at a discount of 180 yuan/mt.

Overall, suppliers actively held prices firm for shipments, but actual transactions were quiet, and the market is expected to become more sluggish in the next two days.