Arrivals increase, spot premiums decline; overall trading improves [SMM South China spot copper]

Published: Sep 7, 2026 11:32

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SMM, September 7:

Today in Guangdong, spot premiums for #1 copper cathode against the front-month contract: high-quality copper was quoted at a premium of 280 yuan/mt, down 60 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 200 yuan/mt, down 40 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 140 yuan/mt, down 40 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 109,955 yuan/mt, down 65 yuan/mt from the previous trading day, and the average price of SX-EW copper was 109,855 yuan/mt, down 55 yuan/mt from the previous trading day.

Spot market: After the weekend, Guangdong inventory finally increased, mainly due to higher arrivals. With inventory rising, some suppliers proactively lowered prices to sell, while downstream users took the opportunity to restock at lower levels, as they remained concerned about future supply shortages. Overall, trading improved compared with last Friday. Today, the purchasing sentiment for copper cathode in Guangdong was 2.79, up 0.05 from the previous trading day, and the selling sentiment was 2.87, up 0.07 from the previous trading day (historical data can be accessed via the database).

Overall, with more arrivals, spot premiums declined, and overall trading improved. Attention should continue to be paid to future arrivals.

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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