Inventory decline, suppliers hold yesterday's quotes, but downstream unwilling to purchase [SMM South China spot copper]

Published: Oct 14, 2026 11:39 (GMT+8)

Save

SMM, October 14:

Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 250 yuan/mt, unchanged from the previous trading day; standard-quality copper was quoted at a discount of 50 yuan/mt, unchanged from the previous trading day; SX-EW copper was quoted at a discount of 110 yuan/mt, unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 111,575 yuan/mt, up 85 yuan/mt from the previous trading day, while the average price of SX-EW copper was 111,365 yuan/mt, up 85 yuan/mt from the previous trading day.

Spot market: Guangdong inventory declined again, mainly due to reduced inflows. With lower inventory and a narrowing price spread between futures contracts, suppliers held firm on yesterday's quotes, but downstream users showed strong wait-and-see sentiment and were reluctant to purchase more, resulting in quiet trading overall. Today, the purchasing sentiment for copper cathode in Guangdong was 2.41, down 0.12 from the previous trading day, while the shipment sentiment was 2.63, down 0.12 from the previous trading day (historical data can be accessed via the database).

Overall, with inventory declining, suppliers held firm on yesterday's quotes, but downstream users were unwilling to buy, leaving overall trading quiet.

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

47 mins ago

Magnitude 5.1 Earthquake Strikes Waters off Iquique, Chile; Impact on Nearby Copper Mines Yet to Be Confirmed

According to a report from the National Seismological Center (CSN) of the University of Chile, at 00:11 local time on October 14 in Chile (11:11 Beijing time), a magnitude 5.1 earthquake struck the waters about 18 kilometers southwest of Iquique, with a focal depth of 47 kilometers. The Tarapacá Region, where Iquique is located, hosts two large copper mines, Collahuasi and Quebrada Blanca (QB), which are situated approximately 185 kilometers and 240 kilometers southeast of Iquique, respectively, and both produce copper concentrates. In addition, Collahuasi operates a copper concentrate loading terminal at Patache, about 65 kilometers south of Iquique. The actual impact of this earthquake on production and loading remains to be further disclosed by the enterprises.

47 mins ago

1 hour ago

Contract rollover pressure persists, spot discounts deepen [SMM North China spot copper]

Spot copper in North China was quoted at a discount of 400-250 yuan/mt against the front-month contract, with an average discount of 325 yuan/mt, down 15 yuan/mt from the previous trading day. The average transaction price was 111,225 yuan/mt, up 165 yuan/mt from the previous trading day.

1 hour ago

Escondida Labor Mediation Fails to Reach Agreement, Union No. 2 Announces Strike Starting October 14

SMM, October 14: BHP and the Escondida copper mine Union No. 2 of Supervisors and Staff, representing approximately 1,020 supervisors and employees, failed to reach an agreement on a new collective contract during mandatory mediation, and the union has announced the start of a strike. As of the morning of October 14 Beijing time, the strike had not yet begun, but the union has confirmed that the strike will start at 8:00 a.m. Chile time on October 14, which is 7:00 p.m. Beijing time today.

1 hour ago