Inventory Hit New Lows Again but Spot Premiums Retreated after Rapid Rise with Overall Trading Lukewarm [SMM South China Spot Copper]

Published: Apr 27, 2026 11:48

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SMM April 27 update:

Guangdong #1 copper cathode spot prices against the front-month contract today: high-quality copper was quoted at 280 yuan/mt, unchanged from the previous trading day; standard-quality copper was quoted at a premium of 200 yuan/mt, unchanged from the previous trading day; SX-EW copper was quoted at a premium of 140 yuan/mt, unchanged from the previous trading day. The average price of Guangdong #1 copper cathode was 103,085 yuan/mt, up 290 yuan/mt from the previous trading day, and the average price of SX-EW copper was 102,985 yuan/mt, up 290 yuan/mt from the previous trading day.

Spot market: After the weekend, Guangdong inventory declined again, mainly due to fewer arrivals and some manufacturers stockpiling ahead of the holiday. Influenced by this, suppliers actively held prices firm during the early session, with standard-quality copper once quoted at a premium of 250 yuan/mt. However, as some suppliers had liquidation needs, final quotes only held at last Friday's levels. Overall trading was moderate. Today, the copper cathode purchasing sentiment in Guangdong was 2.34, up 0.03 from the previous trading day, and the shipments sentiment was 3.81, up 0.02 from the previous trading day (historical data can be accessed via the database).

Overall, inventory hit a new low again, but spot premiums retreated after a rapid rise, and overall trading was moderate.

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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