Downstream consumption was sluggish, inventory increased, and spot premiums declined [SMM South China Copper Cathode Spot Weekly Report]

Published: Jul 30, 2026 15:55

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July 30, 2026

Guangdong region: This week, premiums in the region bottomed out. At the beginning of the week, premiums fell significantly due to a sharp increase in inventory. As downstream consumption gradually improved and inventory declined, spot premiums rebounded. As of Thursday, high-quality copper was reported at 150 yuan/mt, down 50 yuan/mt from last Thursday; standard-quality copper at a premium of 80 yuan/mt, down 60 yuan/mt from last Thursday; and SX-EW copper at a premium of 20 yuan/mt, down 60 yuan/mt from last Thursday. On Thursday, the price spread of standard-quality copper premiums between Shanghai and Guangdong showed Shanghai at a 140 yuan/mt higher, a relatively small spread, with no cross-region shipments this week. According to SMM statistics, as of Thursday, total inventory in Guangdong warehouses stood at 17,000 mt, up 1,800 mt from last Thursday, with warrant holdings totaling 3,900 mt, down 200 mt from last Thursday. Specifically: Warehouse arrivals this week were 10,900 mt/week, down 4,100 mt/week from last week and significantly below the annual average of 14,000 mt/week. Imports of copper decreased notably this week, and arrivals of domestic copper also declined WoW. Warehouse withdrawals were 9,800 mt/week, down sharply by 12,600 mt from last week and far below the annual average of 14,200 mt/week. Sluggish end-use consumption this week led to a significant drop in withdrawals.

Looking ahead to next week, arrivals are expected to increase slightly compared to this week, consumption is expected to edge up only slightly, total inventory is expected to edge up, and spot premiums are expected to remain stable.

(The above information is based on market data collection and comprehensive assessment by the SMM research team. The information provided is for reference only. This article does not constitute direct investment research or decision-making advice. Clients should make prudent decisions and not use this as a substitute for their own independent judgment. Any decisions made by clients are not related to Shanghai Metals Market.)

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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