Downstream restocking interest low, suppliers had to cut prices to sell; spot premiums fell notably [SMM South China spot copper]

Published: Sep 28, 2026 11:31 (GMT+8)

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SMM, September 28:

Today in Guangdong, spot prices of #1 copper cathode against the front-month contract: high-quality copper was quoted at a premium of 1,200 yuan/mt, down 200 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 900 yuan/mt, down 200 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 840 yuan/mt, down 200 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 111,085 yuan/mt, down 900 yuan/mt from the previous trading day, and the average price of SX-EW copper was 110,875 yuan/mt, down 900 yuan/mt from the previous trading day.

Spot market: After the Mid-Autumn Festival, Guangdong inventory increased sharply, mainly due to weak downstream consumption during the holiday and increased arrivals. Although copper prices pulled back today, the significant inventory increase, combined with weak downstream stockpiling willingness before the holiday, forced suppliers to lower premiums to sell, but the effect was limited, and overall trading was thin. Today, the purchasing sentiment for copper cathode in Guangdong was 2.56, down 0.05 from the previous trading day, and the selling sentiment was 2.76, up 0.03 from the previous trading day (historical data can be queried in the database).

Overall, downstream restocking interest was low, forcing suppliers to cut prices to sell, and spot premiums declined notably.

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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