Guangdong Copper Market Sees Slight Premium Increase Amid Inventory Decline

The copper market in Guangdong saw spot premiums edge up slightly on July 29, despite inventory levels showing signs of decline.

The #1 copper cathode against the front-month contract was quoted at a premium of 80-150 yuan/mt, averaging 115 yuan/mt, which is an increase of 10 yuan/mt from the previous trading day. SX-EW copper was quoted at premiums of 10-30 yuan/mt, averaging 20 yuan/mt, also up by 10 yuan/mt.

The average price of #1 copper cathode in Guangdong stood at 105,080 yuan/mt, down 20 yuan/mt from the previous trading day. SX-EW copper averaged 104,985 yuan/mt, also down 20 yuan/mt.

Market expectations of tighter supply ahead prompted suppliers to hold prices firm while selling. As a result, trading was generally moderate.