Tight availability of market cargoes drove spot premiums higher [SMM South China spot copper]

Published: Sep 17, 2026 11:32

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SMM, September 17:

Today in Guangdong, spot prices for #1 copper cathode against the front-month contract: high-quality copper was quoted at a premium of 700 yuan/mt, up 100 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 550 yuan/mt, up 70 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 490 yuan/mt, up 70 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 108,635 yuan/mt, up 820 yuan/mt from the previous trading day, while the average price of SX-EW copper was 108,500 yuan/mt, up 805 yuan/mt from the previous trading day.

Spot market: Guangdong inventory declined again today, mainly due to reduced arrivals and improved consumption. With inventory continuing to fall, available supply in the market was limited, and suppliers actively held prices firm. Spot premiums rose significantly, and downstream buyers were forced to accept higher premiums. Overall trading was slightly better than yesterday. Today, the procurement sentiment for copper cathode in Guangdong was 2.56, up 0.05 from the previous trading day, while the shipment sentiment was 2.77, up 0.02 from the previous trading day (historical data can be queried in the database).

Overall, tight availability of spot cargoes drove spot premiums higher, and market trading was slightly better than yesterday.

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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