Copper Prices Pulled Back, but Downstream Restocking Remained Unenthusiastic; Market Trading Was Sluggish [SMM South China Spot Copper]

SMM May 14 update:

Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at 270 yuan/mt, unchanged from the previous trading day; standard-quality copper was quoted at a premium of 200 yuan/mt, unchanged from the previous trading day; SX-EW copper was quoted at a premium of 130 yuan/mt, unchanged from the previous trading day. The average price of Guangdong #1 copper cathode was 107,770 yuan/mt, down 975 yuan/mt from the previous trading day, and the average price of SX-EW copper was 107,665 yuan/mt, down 975 yuan/mt from the previous trading day.

Spot market: Guangdong inventory increased again today, with weak consumption being the main reason. Although copper prices saw a certain degree of pullback today, downstream buyers remained cautious with low restocking sentiment. Nevertheless, suppliers were unwilling to cut prices for shipments and kept their offers firm, making actual transactions quite sluggish. Today, the procurement sentiment for copper cathode in Guangdong was 2.18, up slightly by 0.07 from the previous trading day, while the shipment sentiment was 2.68, down 0.12 from the previous trading day (historical data can be accessed via the database).

Overall, copper prices pulled back but downstream restocking remained unenthusiastic, suppliers showed no willingness to cut prices, and market trading was sluggish.