Higher Copper Prices Weakened Downstream Restocking Demand, Overall Trading Was Average [SMM South China Spot Copper]

Published: Apr 7, 2026 11:33

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SMM, April 7:

Today, in Guangdong, spot #1 copper cathode against the front-month contract was quoted at a premium of 170 yuan/mt for high-quality copper, down 30 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 95 yuan/mt, down 25 yuan/mt from yesterday; and SX-EW copper was quoted at a premium of 40 yuan/mt, down 20 yuan/mt from yesterday. The average price of #1 copper cathode in Guangdong was 96,945 yuan/mt, up 655 yuan/mt from the previous trading day, while the average price of SX-EW copper was 96,260 yuan/mt, up 665 yuan/mt from the previous trading day.

Spot market: Guangdong inventory continued to decline, marking the 15th consecutive drop and falling below 40,000 mt, the lowest level for the same period in recent years. Although inventory fell, copper prices rose, dampening downstream users' restocking enthusiasm, and suppliers could only slightly lower premiums to move cargo. It was learned that the Shanghai-Guangdong price spread was relatively wide before the holiday, and some downstream users transferred cargo from other regions, which was also one of the reasons for the weak consumption today. Today, procurement sentiment for copper cathode in Guangdong was 2.38, down 0.14 from the previous trading day, while shipment sentiment was 3.79, up 0.11 from the previous trading day (historical data is available in the database).

Overall, as copper prices rose, downstream restocking demand weakened, and overall trading was average.

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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