Copper Prices Soar Past 110k Yuan Mark in Guangdong

Copper prices in Guangdong have broken through the 110,000 yuan mark for the first time.

The spot price of #1 copper cathode against the front-month contract averaged 111,310 yuan/mt today, a gain of 1,355 yuan/mt from yesterday's price. Standard-quality copper and SX-EW copper also saw significant gains, with prices reaching 111,200 yuan/mt.

The increase in copper prices was accompanied by a sharp rise in inventory levels in Guangdong, mainly due to the arrival of imported copper. Suppliers initially held firm on prices but were forced to lower premiums as demand from downstream buyers remained sluggish.