SMM December 17 News:
Today, spot #1 copper cathode in Guangdong was quoted at a premium of 140-190 yuan/mt against the front-month contract, with an average premium of 165 yuan/mt, down 60 yuan/mt from the previous trading day. Hydro copper was quoted at a premium of 50-110 yuan/mt, with an average premium of 80 yuan/mt, down 50 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 74,780 yuan/mt, down 155 yuan/mt from the previous trading day, while the average price of hydro copper was 74,695 yuan/mt, down 165 yuan/mt from the previous trading day.
Spot market: Today, Guangdong inventory declined again, mainly due to limited arrivals. Despite the inventory drop, downstream buyers were not active in purchasing and continued to bargain down purchasing prices, putting pressure on premiums. Additionally, recent arrivals of non-registered copper, quoted at 50 yuan/mt, led downstream buyers to prefer low-priced copper, which was one of the reasons for the decline in standard-quality copper prices. As of 11:00, high-quality copper was quoted at a premium of 190 yuan/mt against the front-month contract, standard-quality copper at 140 yuan/mt, and hydro copper at a premium of 80 yuan/mt.
Overall, low-priced non-registered copper was favored, forcing standard-quality copper prices to decline, and overall trading activity remained sluggish.
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