Copper Prices Rose, Downstream Purchases Were Cautious, and Spot Trades Remained Sluggish [SMM South China Spot Copper]

Published: Aug 4, 2026 11:45

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SMM August 4 News:

Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at 100 yuan/mt, unchanged from the previous trading day; standard-quality copper was at a premium of 0 yuan/mt, down 10 yuan/mt from the previous trading day; and SX-EW copper was at a discount of 60 yuan/mt, down 10 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 106,545 yuan/mt, up 730 yuan/mt from the previous trading day, while the average price of SX-EW copper was 106,430 yuan/mt, up 735 yuan/mt from the previous trading day.

Spot market: Guangdong inventory continued to increase, posting a two-day gain, mainly due to weak consumption. Rising copper prices made it difficult for suppliers to hold prices firm, with standard-quality copper quoted at 20 yuan/mt in early trading, but buyers were scarce, forcing suppliers to lower premiums to sell. Even so, market transactions remained sluggish. The sentiment for cathode copper purchases in Guangdong today was 2.42, down 0.01 from the previous trading day, while the shipment sentiment was 2.85, down 0.02 from the previous trading day (historical data can be accessed via the database).

Overall, as copper prices climbed, downstream buyers remained cautious, spot trades stayed weak, and the premium merely held yesterday’s level.

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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