Downstream production resumptions increase demand slightly, overall trading improved slightly compared to yesterday [SMM South China Spot Copper]

Published: Feb 25, 2026 11:51

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SMM February 25:

Today in Guangdong, spot prices of #1 copper cathode against the front-month contract were at a discount of 320-120 yuan/mt, with the average discount at 220 yuan/mt, down 70 yuan/mt from yesterday. SX-EW copper was quoted at a discount of 400-360 yuan/mt, with the average discount at 380 yuan/mt, down 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 101,925 yuan/mt, up 1,000 yuan/mt from the previous trading day, while the average price of SX-EW copper was 101,765 yuan/mt, up 1,050 yuan/mt from the previous trading day.

Spot market: Inventory in Guangdong continued to increase significantly today, hitting a new high for the year. Despite the rise in both inventory and copper prices, downstream restocking increased slightly compared to yesterday. Suppliers were reluctant to further lower prices and instead held prices firm for shipments, leading to higher spot premiums today compared to yesterday. Yesterday, standard-quality copper was quoted at a discount of 450 yuan/mt, while today it was at a discount of 320 yuan/mt. Today, purchasing sentiment for copper cathode in Guangdong was 2.25, up 0.15 from the previous trading day, while shipment sentiment was 3, up 0.5 from the previous trading day (historical data can be queried in the database). As of 11:00, high-quality copper against the front-month contract was quoted at a discount of 120 yuan/mt, standard-quality copper at a discount of 320 yuan/mt, and SX-EW copper at a discount of 380 yuan/mt.

Overall, increased downstream production resumptions led to a slight rise in demand, and spot premiums followed the upward trend, with overall trading activity improving slightly compared to 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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