Copper Futures Price Spread Widens in Guangdong

The price spread between futures contracts for copper continued to widen on August 13 in Guangdong. Copper cathode prices against the front-month contract were quoted at a discount, with high-quality copper down 20 yuan/mt from the previous day, standard-quality copper down 120 yuan/mt, and SX-EW copper down 200 yuan/mt. The average price of Guangdong #1 copper cathode was 108,250 yuan/mt, down 160 yuan/mt from the previous day, while the average SX-EW copper price was 108,100 yuan/mt, down 200 yuan/mt.

The spot market in Guangdong saw inventories decline for two consecutive days due to fewer arrivals and slightly higher warehouse withdrawals. The price spread between futures contracts widened further to nearly 700 yuan/mt, leading to cautious purchasing by downstream consumers and proactive cutting of prices by suppliers. Despite this, actual transactions remained thin.