SMM Jan. 13:
In Guangdong today, spot prices of #1 copper cathode against the front-month contract were at a discount of 10 yuan/mt to a premium of 50 yuan/mt, with the average premium at 20 yuan/mt, up 15 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 80 yuan/mt to a discount of 60 yuan/mt, with the average discount at 70 yuan/mt, up 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 102,155 yuan/mt, down 1,010 yuan/mt from the previous trading day, while the average price of SX-EW copper was 102,065 yuan/mt, down 1,015 yuan/mt. Spot market: Inventory in Guangdong continued to increase, marking the fourth consecutive rise, primarily due to increased arrivals. As copper prices declined, suppliers actively held prices firm. Additionally, with the approach of delivery and a wide price spread between futures contracts, traders actively purchased spot cargo, but downstream restocking enthusiasm remained moderate. Today, the purchasing sentiment for copper cathode in Guangdong was 1.85, up 0.22 from the previous trading day, while the selling sentiment was 3.09, down 0.15 (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 50 yuan/mt, standard-quality copper at a discount of 10 yuan/mt, and SX-EW copper at a discount of 70 yuan/mt.
Overall, traders' purchasing enthusiasm increased, while downstream interest remained moderate, with overall trading activity improving compared to the previous day.
