Guangdong Copper Prices Hold Firm as Inventory Levels Decline

Copper prices in Guangdong saw no changes on September 9, with high-quality copper quoted at a premium of 250 yuan/mt and standard-quality copper at a premium of 150 yuan/mt. The average price of #1 copper cathode was up 350 yuan/mt from the previous day to 111,660 yuan/mt, while SX-EW copper saw the same increase in price to 111,550 yuan/mt.

Despite the rise in copper prices, suppliers continued to hold prices firm and selling was steady. Downstream buyers had to accept high premiums due to tight inventory. The purchasing sentiment for copper cathode in Guangdong dropped by 0.06 from the previous day, while the selling sentiment fell by 0.07.

Inventory levels declined again after two days of buildup, causing arrivals to drop significantly today. Suppliers were encouraged by this development and maintained their pricing strategy. Overall trading activity was weaker than yesterday due to this decline in inventory.