Copper Prices Surge, Downstream Restocking Demand Remains Weak, Overall Trading Activity Poor [SMM South China Spot Copper]

Published: Oct 14, 2025 13:10

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SMM Oct. 14:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were at a discount of 10 yuan/mt to a premium of 50 yuan/mt, with the average premium at 20 yuan/mt, up 10 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 70 yuan/mt to a discount of 50 yuan/mt, with the average discount at 60 yuan/mt, up 10 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 86,160 yuan/mt, up 1,255 yuan/mt from the previous trading day, while the average price of SX-EW copper was 86,080 yuan/mt, up 1,255 yuan/mt from the previous trading day.

Spot market: Inventory in Guangdong continued to increase today, rising for the fourth consecutive day, mainly due to weak downstream consumption. After a sharp decline, copper prices surged again today, leading to sluggish wait-and-see sentiment among downstream buyers and low restocking interest. However, suppliers refused to budge on prices and were unwilling to lower them as the delivery date approached, resulting in a slight increase in premiums compared to yesterday, though actual transactions were very sluggish. The procurement sentiment for copper cathode in Guangdong today was 1.98, down 0.27 from the previous trading day, while the sales sentiment was 2.87, down 0.15 from the previous trading day (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 50 yuan/mt, standard-quality copper at a discount of 10 yuan/mt, and SX-EW copper at a discount of 60 yuan/mt.

Overall, downstream restocking interest remained low amid the sharp rise in copper prices, but suppliers insisted on holding prices firm ahead of the delivery date, leading to poor overall trading activity.

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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