Inventory hits new low, spot premiums rise on the news [SMM South China spot copper]

Published: Sep 3, 2026 11:31

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SMM, September 3:

Today in Guangdong, spot premiums for #1 copper cathode against the front-month contract: high-quality copper was quoted at a premium of 320 yuan/mt, up 60 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 220 yuan/mt, up 40 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 160 yuan/mt, up 50 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 109,445 yuan/mt, up 780 yuan/mt from the previous trading day, and the average price of SX-EW copper was 109,335 yuan/mt, up 780 yuan/mt from the previous trading day.

Spot market: Guangdong inventory has declined for 13 consecutive trading days, repeatedly hitting new lows for the year. With inventory falling persistently and limited available supply in the market, suppliers took the opportunity to hold prices firm, driving spot premiums higher. Facing tight supply, downstream users were forced to accept high premiums. Today, the procurement sentiment for copper cathode in Guangdong was 2.62, up 0.11 from the previous trading day, while the shipment sentiment was 2.82, down 0.1 from the previous trading day (historical data can be accessed via the database).

Overall, with inventory hitting new lows, spot premiums rose accordingly. Attention should be paid to future arrivals, and premiums are expected to have further upside room.

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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