Guangdong Copper Arrivals Surge Amid Lower Spot Premiums
The spot market for copper in Guangdong saw an increase in arrivals and a subsequent decline in spot premiums, leading to improved overall trading.
According to SMM Metal, high-quality copper was quoted at a premium of 280 yuan/mt, down 60 yuan/mt from the previous day's price. Standard-quality copper followed with a premium of 200 yuan/mt, also down 40 yuan/mt from the previous day.
The average price of #1 copper cathode in Guangdong was 109,955 yuan/mt, down 65 yuan/mt from the previous trading day, while SX-EW copper averaged 109,855 yuan/mt, down 55 yuan/mt.
With inventory levels rising due to increased arrivals, suppliers lowered their prices to encourage sales. Downstream users took this opportunity to restock at lower prices, despite concerns about future supply shortages.