Guangdong Copper Prices Slide Amid Higher Copper Costs and Weak Demand
Copper prices in Guangdong, China took a hit on August 28 due to higher copper prices and weak end-use consumption ahead of month-end.
According to SMM South China Spot Copper, high-quality copper cathode was quoted at a premium of 250 yuan/mt, down 10 yuan/mt from the previous trading day. Standard-quality copper was quoted at a premium of 120 yuan/mt, down 50 yuan/mt from the previous trading day.
The average price of Guangdong #1 copper cathode was 109,225 yuan/mt, up 145 yuan/mt from the previous trading day. Meanwhile, SX-EW copper averaged 109,100 yuan/mt, up 125 yuan/mt from the previous trading day.
Guangdong inventory declined for nine consecutive days due to reduced arrivals, but suppliers had cash-out needs and lowered prices to sell shipments as month-end approached.