Copper Prices and Inventories Both Declined, Suppliers Actively Held Prices Firm and Made Shipments [SMM South China Spot Copper]

Published: Mar 18, 2026 11:39

Save

SMM, March 18:

Today in Guangdong, spot #1 copper cathode against the front-month contract was quoted at a premium of 50 yuan/mt for high-quality copper, up 20 yuan/mt from yesterday; standard-quality copper at a discount of 60 yuan/mt, up 20 yuan/mt from yesterday; and SX-EW copper at a discount of 120 yuan/mt, up 20 yuan/mt from yesterday. The average price of #1 copper cathode in Guangdong was 99,135 yuan/mt, down 1,120 yuan/mt from the previous trading day, while the average price of SX-EW copper was 99,020 yuan/mt, down 1,120 yuan/mt from the previous trading day.

Spot market: Guangdong inventory declined for a second straight day, mainly due to fewer arrivals and increased shipments. Copper prices fell sharply and inventory decreased, prompting suppliers to actively hold prices firm while making shipments. Downstream buyers also restocked on lower prices. Today, the transaction price of standard-quality copper rose 20 yuan/mt from yesterday, and overall trading was better than yesterday. Today, the procurement sentiment for copper cathode in Guangdong was 2.59, up 0.16 from the previous trading day, while shipment sentiment was 3.38, up 0.12 from the previous trading day (historical data is available in the database).

Overall, both copper prices and inventory declined, suppliers actively held prices firm while making shipments, and spot trades were better than yesterday.

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

Value Added of Industrial Enterprises Above the Designated Size Up 6.3% in January-February 2026

In January-February, the value added of industrial enterprises above the designated size increased 6.3% YoY in real terms (all value-added growth rates were real growth rates after deducting price factors). On a MoM basis, in February, the value added of industrial enterprises above the designated size rose 0.83% from the previous month.

Common.Time.minsAgo

1 hour ago

The Inter-Month Price Spread First Showed a Backwardation Structure, and Shanghai Spot Copper Discounts Continued to Remain Under Pressure [SMM Shanghai Spot Copper]

[Shanghai Spot Copper] Intraday trading in the spot market improved somewhat from yesterday. Suppliers still showed willingness to hold prices firm, but some suppliers’ sell-offs temporarily weighed on the market, causing spot premiums to decline somewhat in the second trading session. Coupled with the narrowing Contango price spread between nearby futures contracts, suppliers’ willingness to ship to delivery warehouses weakened somewhat, and spot premiums remained under pressure. Demand side, as copper prices fell, downstream enterprises may have had some restocking demand, but the current copper prices had limited actual appeal. Supply side, social inventory remained at a high level, but spot cargo available for actual circulation was relatively tight. Some warrants were already seen flowing out during the day, which may ease some pressure on spot supply. Meanwhile, the import window remained open, and expectations for subsequent inflows of cargo from outside China increased. Overall, amid the tug-of-war between sellers and buyers, Shanghai spot copper is expected to maintain the current discount structure overall tomorrow.

1 hour ago

Common.Time.hoursAgo

Downstream Sentiment Cooled, Spot Premiums Stabilized [SMM North China Spot Copper]

Spot #1 copper cathode prices in North China were quoted at an average discount of 60 yuan/mt against the front-month contract today, unchanged from the previous trading day. The average transaction price was 99,020 yuan/mt, down 1,240 yuan/mt from the previous trading day.

Common.Time.hoursAgo