Copper Prices Hit New High, Downstream Procurement Sluggish, Yet Suppliers Hold Prices Firm to Sell [SMM South China Copper Spot]

Published: Aug 7, 2026 11:30

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SMM, August 7 –

Today, Guangdong’s #1 copper cathode spot prices against the front-month contract: high-quality copper was reported at a premium of 160 yuan/mt, up 70 yuan/mt from the previous trading day; standard-quality copper was reported at a premium of 60 yuan/mt, up 50 yuan/mt; and SX-EW copper was reported at parity, up 30 yuan/mt. The average price of Guangdong #1 copper cathode was 108,355 yuan/mt, up 455 yuan/mt from the previous trading day, while the average price of SX-EW copper was 108,245 yuan/mt, up 425 yuan/mt.

Spot market: Guangdong inventory declined today, mainly due to reduced arrivals. Copper prices kept rising and hit a new high, leaving end-users extremely reluctant to place orders. However, suppliers remained bullish on the outlook and instead held prices firm when selling today. The divergence between buyers and sellers was wide, and spot trades were sluggish. The buying sentiment for Guangdong copper cathode was 2.28, down 0.02 from the previous trading day, while the selling sentiment was 2.85, up 0.02 (historical data can be accessed through the SMM database).

Overall, copper prices hit a new high, downstream purchases were sluggish, yet suppliers held prices firm when selling, leaving spot trades 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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