Early Sharp Drop in Copper Prices Spurred Downstream Restocking, Spot Premiums Rose Sharply [SMM South China Spot Copper]

Published: Mar 9, 2026 11:30

Save

SMM News, March 9:

Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at 90 yuan/mt, up 60 yuan/mt; standard-quality copper was quoted at a discount of 110 yuan/mt, up 60 yuan/mt; SX-EW copper was quoted at a discount of 170 yuan/mt, up 60 yuan/mt. The average price of Guangdong #1 copper cathode was 99,425 yuan/mt, down 1,475 yuan/mt from the previous trading day, while the average price of SX-EW copper was 99,265 yuan/mt, down 1,475 yuan/mt from the previous trading day.

Spot market: After the weekend, Guangdong inventory did not continue to increase; instead, destocking occurred, mainly driven by higher warehouse withdrawals. Early in the session, copper prices fell sharply, boosting downstream buyers’ restocking enthusiasm. Suppliers proactively adjusted prices for shipments, and overall trading activity improved significantly. However, as copper prices stopped falling and rebounded, then surged sharply, restocking sentiment pulled back. Today, procurement sentiment for copper cathode in Guangdong was 2.75, up 0.13 from the previous trading day, while shipment sentiment was 3.24, up 0.23 from the previous trading day. (Historical data can be accessed by logging into the database.)

Overall, the sharp early-session drop in copper prices stimulated downstream restocking, spot premiums rose sharply, and overall trading was better than last Friday.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Common.Time.minsAgo

Weekend Copper Inventory Buildup Narrowed in Major Domestic Regions [SMM Weekly Data]

Common.Time.minsAgo

Shanghai Spot Copper Discounts Expected to Narrow as Market Activity Picks Up

Looking ahead to tomorrow, with the delivery period approaching, spot discounts in Shanghai spot copper are expected to continue narrowing steadily. Intraday, and quotes in the second session were generally raised, with the transaction center moving up somewhat. From a market-driver perspective, the continued decline in copper prices has kept stimulating downstream willingness to buy the dip; both purchasing and selling sentiment rebounded, and order activity increased, providing support for spot cargo. On the supply side, domestic copper and previously price-locked imported cargo continued to arrive, and overall circulation was relatively ample, placing some constraints on the room for discount recovery. Overall, spot discounts are expected to maintain a steady upward trend tomorrow.

Common.Time.minsAgo

Common.Time.hoursAgo

Falling Copper Prices Spurred a Recovery in Demand; SHFE Copper Spot Discounts Continued to Rise [SMM Shanghai Spot Copper]

[SMM SHFE Copper Spot] Looking ahead to tomorrow, as the delivery period approaches, spot discounts for SHFE copper are expected to continue narrowing steadily. Intraday, suppliers showed a stronger willingness to hold prices firm, and quotes in the second session were generally raised, with the transaction center moving higher. From a market-driver perspective, the decline in copper prices continued to spur downstream purchase willingness to buy the dip; both buying and selling sentiment rebounded, and order activity increased, providing support for spot cargo. Supply side, domestic copper and previously price-locked imported cargo continued to arrive, social inventory remained at high levels, and overall circulation was relatively ample, placing some constraints on the room for discount recovery. Overall, spot discounts are expected to maintain a steady upward trend tomorrow.

Common.Time.hoursAgo