Copper Prices Rebound in Guangdong Region Amid Increased Stockpiling Demand

The copper market in South China's Guangdong region is showing signs of recovery after prices bottomed out, according to Shanghai Metals Market. Spot prices for #1 copper cathode against the front-month contract were reported at a premium of 130 yuan/mt to 200 yuan/mt, up from previous days.

The average price of #1 copper cathode in Guangdong was 107,740 yuan/mt, up 365 yuan/mt from the previous trading day. The average premium for SX-EW copper was 60 yuan/mt, also up 20 yuan/mt from the previous day.

Traders raised premiums due to increased stockpiling demand from downstream enterprises, keeping inventory in destocking mode. This trend is unlikely to pull back in the short term as pre-season stockpiling continues to drive demand.