SMM May 29 News:
Guangdong #1 copper cathode spot prices against the front-month contract today: high-quality copper was quoted at a premium of 110 yuan/mt, down 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 40 yuan/mt, down 10 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 30 yuan/mt, down 10 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 105,015 yuan/mt, up 1,320 yuan/mt from the previous trading day; the average price of SX-EW copper was 104,910 yuan/mt, up 1,320 yuan/mt from the previous trading day.
Spot market: Guangdong inventory increased for two consecutive days, mainly due to increased arrivals and weakening consumption. Copper prices rose sharply and it coincided with month-end, so both end-users and traders showed very weak enthusiasm for restocking, and suppliers had to continuously lower premiums to achieve only small volumes of transactions. Guangdong copper cathode purchasing sentiment today was 1.41, down 0.12 from the previous trading day, and shipments sentiment was 2.54, down 0.18 from the previous trading day (historical data can be accessed via the database).
Overall, month-end market trading was subdued, with suppliers cutting prices to move shipments. A recovery is expected only next week.
