Both inventory and copper prices declined, and suppliers held prices firm to sell [SMM South China Spot Copper]

Published: Jul 8, 2026 11:32

Save

SMM, July 8:

Today, Guangdong #1 copper cathode spot premiums against the front-month contract: high-quality copper quoted at a premium of 90 yuan/mt, up 10 yuan/mt from the previous trading day; standard-quality copper quoted at a premium of 20 yuan/mt, up 10 yuan/mt; SX-EW copper quoted at a discount of 50 yuan/mt, up 10 yuan/mt. The average price of Guangdong #1 copper cathode was 102,905 yuan/mt, down 240 yuan/mt from the previous trading day, and the average price of SX-EW copper was 102,800 yuan/mt, down 240 yuan/mt.

Spot market: Guangdong inventory declined for the fifth consecutive day, primarily due to persistently low arrivals. With both copper prices and inventory falling, suppliers held prices firm, and spot premiums edged up 10 yuan/mt from yesterday. Downstream buyers also took advantage of lower prices to restock moderately, with overall trading slightly better than yesterday. The copper cathode purchasing sentiment in Guangdong today stood at 2.65, up 0.06 from the previous trading day, while selling sentiment was 2.86, down 0.06 (historical data can be queried via the database).

Overall, with inventory and copper prices both declining, suppliers held prices firm and sold, pushing spot premiums higher.

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 for 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

1 hour ago

The SHFE/LME price ratio rises, premium offers continue to increase, while the market sees weak supply and demand, and actual trading is sluggish, [SMM Yangshan spot copper]

1 hour ago

Impact of typhoon expectations persists, Shanghai spot copper premiums continue to rise [SMM Shanghai spot copper]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the impact of Typhoon Bavi is expected to continue intensifying. Downstream copper processing enterprises are showing strong buying enthusiasm, with some stockpiling in advance over concerns of logistics disruptions, providing solid demand-side support. Supplier behavior: after low-priced spot cargoes were quickly absorbed during the day, available spot supply remains tight, and suppliers’ sentiment of holding back from selling is strong. Some suppliers are holding cargoes in anticipation of higher prices, waiting to sell at elevated levels, further pushing up spot premiums. Import profit margin is near breakeven, but short-term supply from outside China is limited. In summary, spot prices against the SHFE copper 2607 contract are expected to maintain a premium tomorrow, with the overall trend remaining strong. Going forward, attention should be paid to the actual typhoon path and the sustainability of downstream stockpiling.

1 hour ago

End-use demand shows no improvement yet, tight supply and holding prices firm push up spot copper discounts in North China [SMM North China Copper Spot]

In North China, spot #1 copper cathode was quoted at a discount of 80 yuan/mt to parity against the front-month contract today, with an average discount of 40 yuan/mt, up 20 yuan/mt from the previous trading day. The average transaction price was 102,820 yuan/mt, down 215 yuan/mt from the previous trading day.

1 hour ago