As the National Day holiday approaches, downstream restocking has largely come to an end, and spot premiums have dropped sharply [SMM South China spot copper]

Published: Sep 29, 2026 11:39 (GMT+8)

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SMM, September 29:

Today in Guangdong, spot #1 copper cathode against the front-month contract: high-quality copper was quoted at a premium of 900 yuan/mt, down 300 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 600 yuan/mt, down 300 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 540 yuan/mt, down 300 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 110,640 yuan/mt, down 445 yuan/mt from the previous trading day, and the average price of SX-EW copper was 110,430 yuan/mt, down 445 yuan/mt from the previous trading day.

Spot market: Guangdong inventory edged down today, mainly due to reduced arrivals. With the National Day holiday approaching, downstream restocking has largely wound down. Suppliers sharply lowered premiums to sell, leading to a notable decline in premiums, but transactions remained weak. Today, the purchasing sentiment for copper cathode in Guangdong was 2.47, down 0.09 from the previous trading day, and the selling sentiment was 2.61, down 0.15 from the previous trading day (historical data can be accessed via the database).

Overall, with the National Day holiday approaching, downstream restocking has largely wound down, and spot premiums fell sharply.

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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