Copper Prices Surged Significantly Amid Weak Downstream Consumption, Spot Premiums Declined [SMM South China Spot Copper]

Published: Sep 3, 2025 12:30

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SMM September 2 news:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract ranged from a premium of 10 yuan/mt to 70 yuan/mt, with the average premium flat at 40 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 70-50 yuan/mt, with the average discount unchanged at 60 yuan/mt. The average price of #1 copper cathode in Guangdong rose by 605 yuan/mt to 80,525 yuan/mt, while SX-EW copper also increased by 605 yuan/mt to 80,425 yuan/mt.

Spot market: Guangdong inventory declined again as arrivals decreased and outflows increased. Copper prices surged and broke through the 80,000 yuan/mt threshold, leading to strong wait-and-see sentiment among downstream consumers. Some suppliers had to lower prices to facilitate sales. Today, the procurement sentiment for copper cathode in Guangdong was 1.75, while the sales sentiment stood at 2.81 (historical data can be queried in the database). As of 11:00, high-quality copper against the front-month contract was quoted at a premium of 70 yuan/mt, standard-quality copper at a discount of 10 yuan/mt, and SX-EW copper at a discount of 60 yuan/mt.

Overall, copper prices rose sharply while downstream demand remained weak, spot premiums declined, and overall trading activity was sluggish.

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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