Copper prices surged and spot premiums rose in tandem, but downstream purchases remained active [SMM South China spot copper]

Published: Sep 22, 2026 10:52 (GMT+8)

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SMM, September 22:

Today in Guangdong, spot #1 copper cathode against the front-month contract: high-quality copper was quoted at a premium of 1,300 yuan/mt, up 400 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 1,000 yuan/mt, up 300 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 940 yuan/mt, up 300 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 112,235 yuan/mt, up 1,460 yuan/mt from the previous trading day, while the average price of SX-EW copper was 112,025 yuan/mt, up 1,410 yuan/mt from the previous trading day.

Spot market: Guangdong inventory declined again today, mainly due to reduced arrivals. Despite the continued rise in copper prices, market availability was extremely tight, and suppliers actively held prices firm while selling. In early trading, standard-quality copper was quoted at a premium of 780 yuan/mt but was quickly snapped up. It subsequently rose to a premium of 900 yuan/mt and was still quickly sold out, eventually reaching 1,000 yuan/mt with downstream buyers still purchasing. Today, the purchasing sentiment for copper cathode in Guangdong was 2.71, up 0.06 from the previous trading day, while the shipment sentiment was 2.65, down 0.03 from the previous trading day (historical data can be queried in the database).

Overall, copper prices and spot premiums both surged, but downstream purchasing remained active, and premiums are expected to have further upside tomorrow.

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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