Copper Prices and Inventories Both Decline, Suppliers Actively Hold Prices Firm on Shipments [SMM South China Spot Copper]

Published: Jul 20, 2026 10:32

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SMM July 20 News:

Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper was reported at 170 yuan/mt, up 50 yuan/mt from the previous trading day; standard-quality copper was at a premium of 80 yuan/mt, up 30 yuan/mt day-on-day; SX-EW copper was at a premium of 20 yuan/mt, up 30 yuan/mt day-on-day. The average price of Guangdong #1 copper cathode was 104,180 yuan/mt, up 350 yuan/mt from the previous trading day, while the average price of SX-EW copper was 104,075 yuan/mt, up 340 yuan/mt day-on-day.

Spot market: After the weekend, Guangdong inventories dropped sharply, mainly driven by a substantial increase in warehouse withdrawals. Due to the wide Shanghai-Guangdong price spread, many Guangdong cargoes were transferred to east China. Affected by the decline in both inventory and copper prices, suppliers actively held prices firm and sold, pushing spot premiums higher. Downstream restocking sentiment also increased WoW. Today, the procurement sentiment for copper cathode in Guangdong was 2.66, up 0.03 from the previous trading day, while the shipment sentiment was 2.9, down 0.03 from the previous trading day (historical data can be accessed in the database).

Overall, inventory and copper prices both fell, and suppliers actively held prices firm and sold, driving premiums higher. With Shanghai supply still tight, Guangdong premiums are expected to continue consolidating 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.

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