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

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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.

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