Inventory Declines Again as Suppliers Are Reluctant to Cut Prices, but Actual Transactions Remain Weak [SMM South China Spot Copper]

Dec 24, 2024, at 11:34 am

SMM December 24 News: Today, spot #1 copper cathode in Guangdong was quoted at a premium of 200-250 yuan/mt against the front-month contract, with an average premium of 225 yuan/mt, unchanged from the previous trading day. Hydro copper was quoted at a premium of 120-180 yuan/mt, with an average premium of 150 yuan/mt, also unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 74,140 yuan/mt, down 260 yuan/mt from the previous trading day, while the average price of hydro copper was 74,065 yuan/mt, also down 260 yuan/mt. Spot market: After a one-day increase, Guangdong inventory pulled back again, mainly due to limited arrivals. Although copper prices pulled back today, downstream buyers were not actively restocking, primarily due to year-end capital control. Meanwhile, as inventory remains at a low level for the year, suppliers were reluctant to lower prices. As of 11:00 am, the front-month contract quotes were 250 yuan/mt for high-quality copper, 200 yuan/mt for standard-quality copper, and a premium of 150 yuan/mt for hydro copper. Overall, inventory declined again, and suppliers were unwilling to lower prices. However, downstream restocking interest remained low, leading to significant differences in opinions between the two sides and weak actual transactions. 》Subscribe to view SMM historical spot metal prices

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