Guangdong Copper Prices Plummet Ahead of National Day Holiday

Copper prices have dropped sharply in Guangdong, China as the National Day holiday approaches. The spot premium for high-quality copper cathode against the front-month contract has fallen by 300 yuan/mt to 900 yuan/mt, while standard-quality copper is now quoted at a premium of 600 yuan/mt, down 300 yuan/mt from yesterday.

The average price of Guangdong #1 copper cathode was 110,640 yuan/mt, down 445 yuan/mt from the previous trading day. Suppliers have sharply lowered premiums to sell, leading to a notable decline in spot prices. However, transactions remain weak due to reduced demand from downstream restocking.

The purchasing sentiment for copper cathode in Guangdong was 2.47, down 0.09 from the previous trading day, while the selling sentiment was 2.61, down 0.15 from yesterday. This suggests that market activity remains sluggish ahead of the National Day holiday.