Copper prices pulled back, downstream demand increased slightly, and spot premiums moved higher [SMM South China spot copper]

Published: Jul 28, 2026 12:39

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SMM July 28 News:

Today, spot #1 copper cathode in Guangdong against the front-month contract was reported at premiums of 70 yuan/mt to 140 yuan/mt, with an average premium of 105 yuan/mt, up 25 yuan/mt from the previous trading day; SX-EW copper was reported at premiums of 0 yuan/mt to 20 yuan/mt, with an average premium of 10 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 105,100 yuan/mt, down 260 yuan/mt from the previous trading day, while the average price of SX-EW copper was 105,005 yuan/mt, down 265 yuan/mt from the previous trading day.

Spot market: Guangdong inventory continued to increase, with increased arrivals and weakening consumption being the main reasons. Although inventory kept rising, copper prices pulled back, and suppliers held prices firm to sell, which stimulated higher premiums, and overall trading improved slightly from yesterday. Today, the purchasing sentiment for copper cathode in Guangdong was 2.54, up 0.03 from the previous trading day, and the selling sentiment was 2.93, up 0.04 from the previous trading day (historical data can be accessed via the database). As of 11:00, high-quality copper against the front-month contract was reported at a premium of 140 yuan/mt, standard-quality copper at a premium of 70 yuan/mt, and SX-EW copper at a premium of 10 yuan/mt.

Overall, as copper prices pulled back, downstream demand increased slightly, and suppliers actively held prices firm, with overall trading better than yesterday.

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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