Copper Market in Guangdong Sees Eight Consecutive Days of Inventory Decline
The copper market in Guangdong is experiencing a downward trend, with inventory levels decreasing for eight consecutive days. According to Shanghai Metals Market, reduced arrivals are the primary cause of this decline.
Despite the falling inventories, suppliers have chosen to hold prices firm, rather than lowering them. In fact, high-quality copper was quoted at a premium of 260 yuan/mt, up 10 yuan/mt from the previous trading day. Standard-quality copper also saw a slight increase, with a premium of 170 yuan/mt.
However, downstream restocking has been weak due to high premiums and prices. Downstream enterprises are less active in buying copper cathode in Guangdong compared to yesterday. The purchasing sentiment for copper cathode was 2.78, down 0.07 from the previous trading day, while the selling sentiment was 2.89, down 0.02.