The widening Shanghai-Guangdong price spread drove cross-regional shipments, and Guangdong supplies are expected to arrive in Shanghai this week.

Published: Jul 20, 2026 10:46
[SMM Shanghai spot copper] Social inventory of copper cathode in Shanghai kept declining, and available spot cargoes tightened, which pushed the center of spot premiums steadily higher and hit a new high for the year. Meanwhile, the spot price spread between Shanghai and Guangdong widened further, opening the window for cross-regional transfers. According to SMM, some suppliers have already initiated cargo transfers from Guangdong to Shanghai, and the shipped copper cathode is expected to arrive in the Shanghai market this week.

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