After the premium dropped, downstream restocking increased, today's transactions were better than last Friday [SMM South China spot copper]

Published: Aug 24, 2026 11:32

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SMM August 24 news:

Today, spot #1 copper cathode in Guangdong against the front-month contract: high-quality copper reported a premium of 150 yuan/mt, down 50 yuan/mt from the previous trading day; standard-quality copper reported a premium of 80 yuan/mt, down 50 yuan/mt; SX-EW copper reported a premium of 10 yuan/mt, down 50 yuan/mt. The average price of #1 copper cathode in Guangdong was 107,840 yuan/mt, up 240 yuan/mt from the previous trading day, and the average price of SX-EW copper was 107,735 yuan/mt, up 240 yuan/mt.

Spot market: After the weekend, inventory in Guangdong continued to decrease, falling for five consecutive sessions now, mainly due to reduced arrivals and increased warehouse withdrawals. Copper prices edged up. Some suppliers actively lowered premiums to seek shipments. After premiums declined, end-user restocking enthusiasm increased. Overall, today's trading sentiment was better than yesterday. Today, the procurement sentiment for copper cathode in Guangdong was 2.82, up 0.14 from the previous trading day, and the shipment sentiment was 2.99, down 0.03 from the previous trading day (historical data can be queried by logging into the database).

Overall, after premiums declined, downstream restocking increased, and today's transactions were better than last Friday.

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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