Premiums declined, with downstream procurement volume increasing slightly, but overall trading remained weak [SMM South China spot copper]

Published: Oct 19, 2026 11:36 (GMT+8)

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SMM, October 19:

Today in Guangdong, spot prices of #1 copper cathode against the front-month contract: high-quality copper was quoted at a premium of 660 yuan/mt, down 170 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 410 yuan/mt, down 120 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 350 yuan/mt, down 120 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 110,430 yuan/mt, up 190 yuan/mt from the previous trading day, while the average price of SX-EW copper was 110,245 yuan/mt, up 215 yuan/mt from the previous trading day.

Spot market: After the weekend, Guangdong inventory continued to increase, mainly due to higher arrivals and weak consumption. With inventory rising continuously and downstream restocking interest low, suppliers had to cut prices to sell, causing premiums to drop notably from last Friday. After the price reduction, downstream procurement volume increased somewhat but remained weak. Today, the procurement sentiment for copper cathode in Guangdong was 2.45, down 0.03 from the previous trading day, while the shipment sentiment was 2.71, up 0.02 from the previous trading day (historical data can be accessed in the database).

Overall, the decline in premiums led to a slight increase in downstream procurement volume, but overall trading remained weak.

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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