Copper Prices Pull Back in Guangdong Amid Improved Downstream Purchasing
Copper prices pulled back over the weekend in Guangdong, China, but downstream purchasing increased slightly compared to the previous day. According to data from SMM South China Spot Copper, high-quality copper was quoted at 190 yuan/mt, down 10 yuan/mt from the previous trading day.
Standard-quality copper and SX-EW copper were also affected by the price drop, with standard-quality quoted at a premium of 140 yuan/mt and flat from the previous day, while SX-EW copper was quoted at a premium of 80 yuan/mt, also flat from the previous day.
The average price of #1 copper cathode in Guangdong declined to 105,085 yuan/mt, down 1,215 yuan/mt from the previous trading day. The spot market saw a decline in inventory for three consecutive days, mainly due to reduced arrivals and increased warehouse withdrawals.