Downstream procurement volume continues to increase, inventory growth slows down, stimulating spot premiums to continuously rise [SMM South China Spot Copper]

Published: Feb 27, 2026 11:41

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SMM February 27:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were at a discount of 230 yuan/mt to a discount of 30 yuan/mt, with the average discount at 130 yuan/mt, up 55 yuan/mt from yesterday. SX-EW copper was quoted at a discount of 310 yuan/mt to a discount of 270 yuan/mt, with the average discount at 290 yuan/mt, up 40 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 101,955 yuan/mt, down 230 yuan/mt from the previous trading day, while the average price of SX-EW copper was 101,795 yuan/mt, down 245 yuan/mt from the previous trading day.

Spot market: Inventory in Guangdong increased for five consecutive days, but today's inventory only rose slightly. Inventory is expected to peak next week. Downstream procurement volume increased, and suppliers actively held prices firm, stimulating a rebound in spot premiums. Spot premiums rose 40 yuan/mt compared with yesterday. Notably, due to tight supply of high-quality copper, the premium increased more significantly, with a discount of only 30 yuan/mt today, and the price spread between high-quality copper and standard-quality copper widened. Today, the procurement sentiment for copper cathode in Guangdong was 2.5, up 0.08 from the previous trading day, while the shipment sentiment was 3.0, down 0.05 from the previous trading day (historical data can be queried in the database). As of 11:00, high-quality copper against the front-month contract was quoted at a discount of 30 yuan/mt, standard-quality copper at a discount of 230 yuan/mt, and SX-EW copper at a discount of 290 yuan/mt.

Overall, downstream procurement volume continued to increase, and inventory growth slowed down, stimulating spot premiums to rise continuously.

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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