Copper prices fell sharply, with some downstream buyers making small restocking purchases, but overall trading remained sluggish [SMM South China Spot Copper]

SMM Feb. 13:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were at a discount of 100 yuan/mt to a premium of 20 yuan/mt, with the average discount at 40 yuan/mt, flat from the previous trading day. SX-EW copper was quoted at a discount of 180-140 yuan/mt, with the average discount at 160 yuan/mt, flat from the previous trading day. The average price of #1 copper cathode in Guangdong was 100,190 yuan/mt, down 1,815 yuan/mt from the previous trading day, while the average price of SX-EW copper was 100,070 yuan/mt, also down 1,815 yuan/mt.

Spot market: Inventory in Guangdong rose again, mainly due to increased arrivals. Although most downstream enterprises had already entered the holiday period, copper prices fell sharply, prompting some end-users to make small restocking purchases. However, few sellers were willing to ship, and spot premiums remained flat from the previous day. Today, purchasing sentiment for copper cathode in Guangdong was 1.9, up 0.03 from the previous trading day, while selling sentiment was 2.6, down 0.41 from the previous trading day (historical data can be queried in the database). As of 11:00, high-quality copper against the front-month contract was quoted at a premium of 20 yuan/mt, standard-quality copper at a discount of 100 yuan/mt, and SX-EW copper at a discount of 160 yuan/mt.

Overall, copper prices fell sharply, prompting some downstream buyers to make small restocking purchases, but overall trading remained sluggish.