Spot premiums rose sharply after delivery, and downstream enterprises increased procurement volume as copper prices declined [SMM South China spot copper]

Published: Oct 16, 2026 11:49 (GMT+8)

Save

SMM, October 16:

Today in Guangdong, spot prices of #1 copper cathode against the front-month contract: high-quality copper was quoted at a premium of 830 yuan/mt, up 680 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 530 yuan/mt, up 630 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 470 yuan/mt, up 630 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 110,090 yuan/mt, down 235 yuan/mt from the previous trading day, and the average price of SX-EW copper was 110,030 yuan/mt, down 235 yuan/mt from the previous trading day.

Spot market: Guangdong inventory increased again. Yesterday was the delivery day, downstream consumption was weak, and suppliers had to deliver goods to warehouses. After the contract rollover, downstream procurement appetite picked up somewhat, with lower copper prices being one reason for the increase in procurement volume. Attention should be paid to arrivals at warehouses next week; if inventory declines, premiums are likely to continue rising. Today, the procurement sentiment for copper cathode in Guangdong was 2.48, up 0.1 from the previous trading day, and the shipment sentiment was 2.69, up 0.1 from the previous trading day (historical data can be queried by logging into the database).

Overall, after delivery, spot premiums rose sharply, downstream enterprises slightly increased procurement volume due to lower copper prices, and overall trading was 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.

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

38 mins ago

BHP Sues Spence Union Over Two Earlier Work Stoppages, Seeking $8.6 Million

BHP has sued the workers’ union at its Spence copper mine in Chile over two work stoppages in late June and July, seeking approximately US$8.6 million in damages. BHP alleges that the union organised the stoppages outside the collective bargaining period to demand a special bonus of CLP5 million per member beyond existing agreements, significantly disrupting operations. The union declined to comment. The alleged illegality of the stoppages has not been established by a court. According to court filings cited by Chilean media, the stoppages took place on June 30–July 1 and July 7–8. BHP estimates lost copper production at approximately 567 tonnes, comprising 400 tonnes of cathode copper and 167 tonnes of copper contained in concentrate. The lawsuit concerns compensation for past disruptions; no new production interruption at Spence has been reported in connection with the case.

38 mins ago

59 mins ago

Spot Delivery Settled, Trading Warms Up; North China Spot Copper Shifts from Discount to Premium [SMM North China Spot Copper]

In North China today, spot #1 copper cathode was quoted at premiums of 260-480 yuan/mt against the front-month contract, with an average premium of 370 yuan/mt, up 490 yuan/mt from the previous trading day. The average transaction price was 110,170 yuan/mt, down 125 yuan/mt from the previous trading day.

59 mins ago

2 hours ago

[AI data centers use 20-40 tonnes of copper per MW, adding new demand]

Every AI data center requires substantial power, and essentially all of that power moves through copper. Data compiled by MINING indicates that a data center uses roughly 20 to 40 tonnes of copper for each megawatt of power. This copper intensity means the rapid build-out of AI computing clusters and hyperscale facilities is translating directly into additional refined copper consumption. The metal is used in cables, busbars, transformers, switchgear and other power-distribution equipment, making data-center construction a visible source of incremental demand. The article discusses generating monthly income via NYSEARCA:IYM, but its central premise remains the AI-driven copper trade. For the copper supply chain, demand is dispersed across end users, yet per-project volumes are large enough to support refined copper consumption expectations.

2 hours ago