Copper Prices Rose but Downstream Restocking Appetite Was Weaker Than Yesterday, Overall Trading Was Moderate [SMM South China Spot Copper]

Published: Apr 10, 2026 11:44

Save

SMM April 10 update:

Guangdong #1 copper cathode spot prices against the front-month contract today: high-quality copper was quoted at a premium of 200 yuan/mt, up 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 130 yuan/mt, up 10 yuan/mt from the previous day; SX-EW copper was quoted at a premium of 70 yuan/mt, up 10 yuan/mt from the previous day. The average price of Guangdong #1 copper cathode was 98,405 yuan/mt, up 785 yuan/mt from the previous trading day, and the average price of SX-EW copper was 98,310 yuan/mt, up 785 yuan/mt from the previous trading day.

Spot market: Guangdong inventory continued to decline and had fallen for 18 consecutive sessions, with tight supply remaining the main driver. As inventory kept dropping, suppliers actively held prices firm, but downstream restocking willingness was weaker than the previous day. The purchasing sentiment for copper cathode in Guangdong today was 2.3, down 0.04 from the previous trading day, and the shipments sentiment was 3.72, down 0.06 from the previous trading day (historical data can be accessed via the database).

Overall, copper prices rose but downstream restocking willingness was weaker than the previous day, with trading activity being lukewarm.

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

Price Spread Between Futures Contracts Widened as Delivery Approached, Shanghai Spot Copper Premiums Rose Further [SMM Shanghai Spot Copper]

[SMM Shanghai Spot Copper] Looking ahead to next week, the Shanghai spot copper market is expected to continue its relatively strong trend. From the delivery logic perspective, next week will be the last trading week for the SHFE copper 2604 contract. The inter-month Contango price spread between futures contracts has widened slightly, and under the contango structure, suppliers' willingness to hold positions for delivery has strengthened, with low inclination to sell spot cargo at low prices, providing strong support for spot premiums. Demand side, after copper prices rose, orders from some downstream processing enterprises may see a slight decline, but existing orders and production schedules remain generally stable, and just-in-time procurement continues. From the regional structure perspective, available spot copper in Jiangsu remains persistently tight, with some downstream enterprises reporting difficulties in spot procurement, further supporting spot premiums. Overall, driven by the combined effects of delivery expectations, the price spread structure between futures contracts, and tight regional supply, spot prices against the SHFE copper 2604 contract are expected to maintain a premium next week.

Common.Time.minsAgo

Copper Futures Edge Up, Reaching Near 4-Week High

[SMM Copper Futures Alert] Intraday copper futures edged up nearly 1%, returning to a near 4-week high. LME copper rebounded above $12,700/mt, and SHFE copper moved back above 98,500 yuan/mt.

Common.Time.minsAgo

Copper Wire and Cable Inventory Down 3.41% WoW, Finished Product Stocks Up 2.54%

[SMM Copper Wire and Cable Weekly Inventory] Regarding copper wire and cable inventory this week, enterprises primarily purchased raw materials based on immediate needs, prioritizing the consumption of existing inventory. As a result, raw material inventory fell 3.41% WoW. On the finished product inventories side, affected by a slowdown in downstream cargo pick-up pace and fewer new orders, finished product inventories edged up, increasing 2.54% WoW.

Common.Time.minsAgo