Copper Prices Rebound, Downstream Manufacturers Exhibit Strong Wait-and-See Sentiment, Overall Trading Activity Weaker Than Yesterday [SMM South China Spot Copper]

Published: Nov 6, 2025 12:00

Save

SMM Nov. 6:

In Guangdong, spot prices of #1 copper cathode against the front-month contract were at a discount of 40 yuan/mt to a premium of 10 yuan/mt, with the average premium flat from the previous session at 15 yuan/mt. SX-EW copper was quoted at a discount of 110-70 yuan/mt, with the average discount unchanged at 90 yuan/mt. The average price of #1 copper cathode in Guangdong was 85,730 yuan/mt, up 465 yuan/mt from the previous session, while the average price of SX-EW copper was 85,655 yuan/mt, also up 465 yuan/mt.

Spot market: Copper inventories in Guangdong fell for the third consecutive day, mainly due to undersupply. Despite the continued decline in inventories, downstream buyers showed lower restocking enthusiasm amid higher copper prices, forcing suppliers to keep quotations unchanged from yesterday. Overall trading activity was weaker than the previous session. Purchasing sentiment for copper cathode in Guangdong was 1.5, down 0.09 from the previous session, while selling sentiment was 2.83, up 0.08 (historical data available in the database). As of 11:00, high-quality copper against the front-month contract was quoted at a premium of 10 yuan/mt, standard-quality copper at a discount of 40 yuan/mt, and SX-EW copper at a discount of 90 yuan/mt.

Overall, downstream manufacturers maintained a strong wait-and-see sentiment amid the rebound in copper prices, leading to weaker overall trading activity compared to the previous session.

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

16 hours ago

"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

16 hours ago

"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.

16 hours ago

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."

16 hours ago