Copper Prices and Premiums Rise in Guangdong as Spot Trades Remain Quiet
Copper prices and premiums rose in Guangdong, China on September 1, according to Shanghai Metals Market. Spot trades were quiet, despite copper prices increasing sharply.
The premium for high-quality #1 copper cathode against the front-month contract was 290 yuan/mt, up 30 yuan/mt from the previous trading day. Standard-quality copper was quoted at a premium of 190 yuan/mt, also up 30 yuan/mt. SX-EW copper had a premium of 130 yuan/mt, again with a 30 yuan/mt increase.
The average price of #1 copper cathode in Guangdong reached 110,260 yuan/mt, rising by 1,335 yuan/mt from the previous day. The average price of SX-EW copper was 110,150 yuan/mt, also up 1,335 yuan/mt.
Guangdong inventory declined for the eleventh consecutive trading day due to reduced arrivals and some smelters making export shipments. This led to suppliers holding prices firm, but with end-users only purchasing as needed, overall trading was subdued.