SMM November 13:
In Guangdong, spot prices of #1 copper cathode against the front-month contract were at a discount of 30 yuan/mt to a premium of 40 yuan/mt, with the average premium at 5 yuan/mt, up 15 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 100 yuan/mt to a discount of 60 yuan/mt, with the average discount at 80 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 87,095 yuan/mt, up 435 yuan/mt from the previous trading day, while the average price of SX-EW copper was 87,010 yuan/mt, up 440 yuan/mt from the previous trading day.
Spot market: Guangdong inventory declined for the third consecutive day, mainly due to scarce arrivals. The continuous inventory decline prompted suppliers to hold prices firm. However, downstream users were reluctant to make large purchases amid high copper prices and high premiums, resulting in overall sluggish spot trades. Today, the procurement sentiment for copper cathode in Guangdong was 1.37, down 0.15 from the previous trading day, while the sales sentiment was 2.85, down 0.13 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 40 yuan/mt, standard-quality copper at a discount of 30 yuan/mt, and SX-EW copper at a discount of 80 yuan/mt.
Overall, despite the three consecutive days of inventory decline and suppliers actively holding prices firm, downstream purchasing willingness remained low, leading to quiet spot trades.
