Copper Prices Decline, Downstream Actively Restocks, Stimulating Premiums to Hit Record Highs [SMM South China Spot Copper]

Published: Nov 04, 2026 11:05 (GMT+8)

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SMM, November 4:

Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 1,750 yuan/mt, up 250 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 1,500 yuan/mt, up 250 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 1,440 yuan/mt, up 300 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 109,000 yuan/mt, down 1,120 yuan/mt from the previous trading day, while the average price of SX-EW copper was 108,815 yuan/mt, down 1,070 yuan/mt from the previous trading day.

Spot market: Guangdong inventory pulled back for a second consecutive day, hitting a new low for the year. The decline in inventory, coupled with a notable drop in copper prices, significantly boosted downstream purchasing interest. Suppliers took the opportunity to hold prices firm and sell, driving premiums sharply higher today to a new high, with overall trading sentiment better than yesterday. Today, the purchasing sentiment for copper cathode in Guangdong was 2.59, up 0.22 from the previous trading day, while the selling sentiment was 2.51, down 0.09 from the previous trading day (historical data can be accessed via the database).

Overall, the decline in copper prices prompted active restocking by downstream buyers, pushing premiums to a record high, with overall trading activity 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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