Guangdong Copper Premiums Soar After Delivery

Spot premiums for copper cathode in Guangdong surged after delivery on September 16, according to SMM Metal. High-quality copper was quoted at a premium of 600 yuan/mt, up 480 yuan/mt from the previous trading day.

Standard-quality copper was quoted at a premium of 480 yuan/mt, up 580 yuan/mt from the previous trading day, while SX-EW copper was quoted at a premium of 420 yuan/mt, up 530 yuan/mt from the previous trading day.

The average price of #1 copper cathode in Guangdong was 107,815 yuan/mt, down 565 yuan/mt from the previous trading day, while the average price of SX-EW copper was 108,765 yuan/mt, down 600 yuan/mt from the previous trading day.

Despite the sharp rise in spot premiums, downstream consumers were unwilling to purchase at such high prices. Suppliers had to lower premiums to sell, but only made a slight adjustment of 20 yuan/mt due to tight supply.

The purchasing sentiment for copper cathode in Guangdong was 2.51, up 0.08 from the previous trading day, while the selling sentiment was 2.75, up 0.05 from the previous trading day.