Copper prices and premiums both rose, but spot trades were sluggish[SMM South China spot copper].

Published: Jul 22, 2026 11:11

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SMM July 22:

Today, spot prices of Guangdong #1 copper cathode against the front-month contract: high-quality copper was quoted at 200 yuan/mt, up 30 yuan/mt from the previous trading day; standard-quality copper at a premium of 140 yuan/mt, up 60 yuan/mt; and SX-EW copper at a premium of 80 yuan/mt, up 60 yuan/mt. The average price of Guangdong #1 copper cathode was 106,470 yuan/mt, up 1,605 yuan/mt, and the average SX-EW copper price was 106,380 yuan/mt, up 1,620 yuan/mt.

Spot market: Today, Guangdong inventory declined again, hitting a recent low, with the increase in warehouse withdrawals being the main reason. The significant inventory drop stimulated suppliers' willingness to hold prices firm, driving premiums sharply higher. However, downstream enterprises, facing high premiums and high copper prices, showed weak restocking intentions, resulting in sluggish overall trading sentiment. Today, the Guangdong region's copper cathode procurement sentiment was 2.52, down 0.09 from the previous trading day, and the shipments sentiment was 2.87, up 0.02 (historical data can be accessed by logging into the database).

Overall, both copper prices and premiums rose, but spot trades were sluggish.

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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