SMM June 30 Report:
Today, in Guangdong, the spot premiums for #1 copper cathode against the front-month contract ranged from 30 yuan/mt to 100 yuan/mt, with an average premium of 65 yuan/mt, a decrease of 30 yuan/mt from the previous trading day. SX-EW copper was quoted at discounts ranging from 30 yuan/mt to 10 yuan/mt, with an average discount of 20 yuan/mt, a decrease of 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 79,940 yuan/mt, a decrease of 130 yuan/mt from the previous trading day, while the average price of SX-EW copper was 7,985 yuan/mt, a decrease of 110 yuan from the previous trading day.
Spot Market: After the weekend, inventory in Guangdong increased again. With weak downstream demand approaching mid-year, suppliers actively shipped goods to warehouses, and attention will be paid to whether inventory can continue to increase tomorrow. Coinciding with mid-year settlements, both buyers and sellers were not active in trading, and spot premiums dropped slightly by 10 yuan/mt compared to yesterday. As of 11 a.m., high-quality copper for the front-month contract was quoted at 100 yuan/mt, standard-quality copper at a premium of 30 yuan/mt, and SX-EW copper at a discount of 20 yuan/mt. It is worth noting that the supply of high-quality copper has increased compared to before, and today's premium for high-quality copper has decreased significantly.
Overall, coinciding with mid-year settlements, trading activity between buyers and sellers was mediocre, and overall trading was not as active as last Friday.
