After a significant pullback in copper prices, downstream buyers' willingness to replenish stocks increased, and the overall trading atmosphere was better than yesterday [SMM South China spot copper]

Published: Jul 9, 2025 11:35

Save

SMM News on July 9:

Today, in Guangdong, the spot prices of #1 copper cathode against the front-month contract ranged from a discount of 110 yuan/mt to a premium of 50 yuan/mt, with an average discount of 30 yuan/mt, marking an increase of 20 yuan/mt from the previous trading day. SX-EW copper was quoted at discounts ranging from 170 yuan/mt to 150 yuan/mt, with an average discount of 160 yuan/mt, representing a decrease of 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 79,180 yuan/mt, down 430 yuan/mt from the previous trading day, while the average price of SX-EW copper was 79,050 yuan/mt, down 440 yuan/mt from the previous trading day.

Spot Market: Guangdong's inventory continued to increase, marking the eighth consecutive day of growth, primarily due to weak consumption. After the continuous pullback in copper prices, downstream buyers' willingness to replenish stocks improved slightly compared to yesterday. However, some suppliers still faced pressure to liquidate their inventory and continued to lower prices, leading to a slight decrease in premiums today. As of 11 a.m., high-quality copper for the front-month contract was quoted at a premium of 50 yuan/mt, standard-quality copper at a discount of 120 yuan/mt, and SX-EW copper at a discount of 170 yuan/mt. As the delivery date approaches, the quotes for high-quality copper remain firm, widening the price spread between high-quality copper and standard-quality copper.

Overall, after the significant pullback in copper prices, downstream buyers' willingness to replenish stocks has increased, and the overall trading atmosphere is better than yesterday.

》Subscribe to view historical spot prices of SMM metals

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

Feb 6, 2026 23:56

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

Feb 6, 2026 23:56

Feb 6, 2026 23:54

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

Feb 6, 2026 23:54

Feb 6, 2026 23:47

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

Feb 6, 2026 23:47