Inventories Are About to Fall Below 20,000 mt, Suppliers Actively Hold Prices Firm, Stimulating Rising Premiums [SMM South China Spot Copper]

Published: Apr 17, 2026 11:39

Save

SMM April 17 News:

Guangdong #1 copper cathode spot prices against the front-month contract today: high-quality copper was quoted at a premium of 250 yuan/mt, up 40 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 170 yuan/mt, up 40 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 110 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 102,040 yuan/mt, down 505 yuan/mt from the previous trading day, and the average price of SX-EW copper was 102,455 yuan/mt, down 350 yuan/mt from the previous trading day.

Spot market: Guangdong inventory has declined for 23 consecutive trading days. Ongoing maintenance at surrounding smelters, combined with increased direct shipments, led to continued decreases in warehouse arrivals. Spot inventory is about to fall below the 20,000 mt threshold, already down 77,000 mt from the annual high. The market still expects inventory to continue declining going forward, so suppliers actively held prices firm when shipping. During the morning session, standard-quality copper was already quoted at a premium of 170 yuan/mt. However, the high premium limited downstream acceptance, and some suppliers slightly lowered the premium to 150-160 yuan/mt before transactions improved somewhat. The purchasing sentiment for copper cathode in Guangdong today was 2.36, up 0.04 from the previous trading day, and the shipment sentiment was 3.63, up 0.03 from the previous trading day (historical data can be accessed via the database).

Overall, with inventory about to fall below 20,000 mt, suppliers actively held prices firm, driving premiums higher, while downstream restocking appetite remained lukewarm.

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 to learn 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

20 mins ago

Market Offers Concentrated in Far Months, Near-Month Supply and Demand Both Weak [SMM Yangshan Spot Copper]

20 mins ago

2 hours ago

Copper Spot Premiums Under Pressure as Supply Outweighs Demand, SHFE Faces Challenges

Looking ahead to next week, on the supply side, some delivery warrants have already begun to flow out during the day, suppressing spot premiums. Market concerns over the concentrated release of warrants going forward persist, and suppliers have a strong willingness to sell, putting spot premiums for SHFE copper under pressure. On the demand side, and downstream procurement was mainly driven by rigid demand, with insufficient willingness to chase higher prices. In addition, the spot premium price spread between Shanghai and Guangdong continued to rise to around 150 yuan/mt during the day. The strong premiums in Guangdong may provide some support to Shanghai market sentiment, but it is difficult to reverse the overall weak supply-demand pattern in the short term.

2 hours ago

SMM Copper Wire and Cable Operating Rate Rises to 69.43%, Expected to Dip Next Week

[SMM Copper Wire and Cable News] This week, the SMM copper wire and cable enterprise operating rate was 69.43%, up 0.95 percentage points WoW. The stabilization in operating rates was mainly driven by orders from top-tier enterprises, while small and medium-sized enterprises continued to underperform. The power sector provided notable support, with steady demand from computing power, AI, and new energy sectors. Looking ahead to next week, high copper prices are expected to suppress new orders, and as earlier backlog orders are gradually completed, the operating rate is expected to pull back slightly. However, State Grid's successive order placements will provide support, and SMM expects the operating rate to decline 0.57 percentage points WoW to 68.86%.

2 hours ago