SMM November 25:
Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were quoted at a premium of 80-160 yuan/mt, with an average premium of 120 yuan/mt, down 5 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 10 yuan/mt to a premium of 30 yuan/mt, with an average premium of 10 yuan/mt, down 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 86,500 yuan/mt, up 230 yuan/mt from the previous trading day, while the average price of SX-EW copper was 86,390 yuan/mt, up 225 yuan/mt from the previous trading day.
Spot market: Guangdong inventory finally ended its four consecutive declines and increased slightly today, mainly due to increased arrivals. Despite the renewed inventory growth, suppliers were unwilling to significantly lower prices and only slightly reduced their quotes. However, downstream users faced high premiums and rising copper prices, leading to weaker purchasing interest compared to yesterday. Today, purchasing sentiment for copper cathode in Guangdong was 2.49, down 0.21 from the previous trading day, while selling sentiment was 2.74, up 0.26 (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 160 yuan/mt, standard-quality copper at a premium of 80 yuan/mt, and SX-EW copper at a premium of 10 yuan/mt.
Overall, both inventory and prices rose, but suppliers only slightly lowered premiums, resulting in overall trading activity being weaker than yesterday.
