Guangdong Copper Prices Decline Amid Increased Inventory Levels

The Guangdong #1 copper cathode spot prices saw a decline in premiums and copper prices for high-quality, standard-quality, and SX-EW copper on August 10. The premium for high-quality copper dropped by 60 yuan/mt to 100 yuan/mt, while standard-quality and SX-EW copper remained at parity, also down 60 yuan/mt from the previous day.

The average price of Guangdong #1 copper cathode was 107,945 yuan/mt, a decrease of 410 yuan/mt from the previous trading day. The same decline was seen in the average price of SX-EW copper at 107,835 yuan/mt.

Spot market analysis revealed that increased imports led to rising inventories in Guangdong, causing some suppliers to lower prices and drop spot premiums significantly. Despite this, downstream users' purchasing enthusiasm increased compared to last Friday, with overall trading sentiment improving slightly.