Guangdong Copper Prices Hit Record High Despite Sluggish Demand
Copper prices have reached an all-time high in Guangdong, China, despite sluggish downstream procurement. According to recent data from SMM South China Copper Spot, copper cathode spot prices increased by 70 yuan/mt for high-quality copper and 50 yuan/mt for standard-quality copper compared to the previous trading day.
The average price of Guangdong #1 copper cathode was reported at 108,355 yuan/mt, up 455 yuan/mt from the previous trading day. Meanwhile, SX-EW copper prices also rose by 425 yuan/mt to reach an average of 108,245 yuan/mt.
However, downstream purchases have been slow due to rising prices and reduced arrivals in the spot market. The buying sentiment for Guangdong copper cathode was reported at 2.28, down from 2.30 the previous day, while the selling sentiment was 2.85, up 0.02.
Despite the sluggish demand, suppliers remain bullish on the outlook and have held prices firm when selling, resulting in a wide divergence between buyers and sellers in the spot market.