Consumption recovery and falling inventory drive spot premiums higher [SMM South China spot copper]

Published: Oct 09, 2026 11:30 (GMT+8)

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SMM, October 9:

Today in Guangdong, spot prices for #1 copper cathode against the front-month contract: high-quality copper was quoted at a premium of 600 yuan/mt, up 300 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 300 yuan/mt, up 200 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 240 yuan/mt, up 200 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 111,200 yuan/mt, down 690 yuan/mt from the previous trading day, and the average price of SX-EW copper was 110,990 yuan/mt, down 690 yuan/mt from the previous trading day.

Spot market: Guangdong inventory declined again today, mainly due to reduced arrivals and increased warehouse withdrawals. Demand rose as downstream copper processing enterprises resumed production. Suppliers actively held prices firm while selling, but the wide price spread between futures contracts suppressed trader transactions, with overall deals only slightly better than yesterday. Today, the purchasing sentiment for copper cathode in Guangdong was 2.72, up 0.1 from the previous trading day, and the selling sentiment was 2.96, up 0.05 from the previous trading day (historical data can be accessed via the database).

Overall, recovering consumption and declining inventory pushed spot premiums higher, but the wide price spread between futures contracts limited transactions, with overall trading activity only 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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