Inventory and Copper Prices Both Fell, Suppliers Actively Held Prices Firm [SMM South China Spot Copper]

Published: Apr 2, 2026 11:54

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SMM, April 2:

Today in Guangdong, spot premiums for #1 copper cathode against the front-month contract were reported at 200 yuan/mt for high-quality copper, up 30 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 110 yuan/mt, up 30 yuan/mt from yesterday; and SX-EW copper was quoted at a premium of 50 yuan/mt, up 30 yuan/mt from yesterday. The average price of #1 copper cathode in Guangdong was 96,365 yuan/mt, down 660 yuan/mt from the previous trading day, while the average price of SX-EW copper was 96,260 yuan/mt, down 660 yuan/mt from the previous trading day.

Spot market: Guangdong inventory continued to decline, marking the 13th consecutive drop and falling below 50,000 mt, the lowest level for the same period in recent years. Stimulated by the dual factors of continued inventory declines and lower copper prices, suppliers actively held prices firm, while downstream buyers also took the initiative to replenish stocks as copper prices fell, and overall trading improved from yesterday. Today, procurement sentiment for copper cathode in Guangdong stood at 2.52, up 0.03 from the previous trading day, while shipment sentiment was 3.68, up 0.07 from the previous trading day (historical data is available in the database).

Overall, both inventory and copper prices fell, suppliers actively held prices firm, and overall trading was 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.

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