Inventory Declines for Four Consecutive Days, Suppliers Hold Prices Firm for Shipments, Spot Premiums Rise Sharply [SMM South China Spot Copper]

Published: Nov 24, 2025 11:51

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SMM Nov 24:

Today, spot #1 copper cathode in Guangdong against the front-month contract was quoted at a premium of 90-160 yuan/mt, with an average premium of 125 yuan/mt, up 30 yuan/mt from the previous trading day. SX-EW copper was quoted at parity to a premium of 40 yuan/mt, with an average premium of 20 yuan/mt, up 40 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 86,270 yuan/mt, up 415 yuan/mt from the previous trading day, while the average price of SX-EW copper was 86,165 yuan/mt, up 425 yuan/mt from the previous trading day.

Spot market: After the weekend, inventory in Guangdong continued to decline, marking the fourth consecutive drop, mainly due to reduced arrivals and increased warehouse withdrawals. After the continuous inventory decline, spot cargo availability in the market began to tighten, and suppliers actively held prices firm for sales, driving spot premiums significantly higher today. Downstream users were forced to accept the high premiums, but procurement sentiment still rose compared to last Friday. Today, procurement sentiment for copper cathode in Guangdong was 2.7, up 0.16 from the previous trading day, while sales sentiment was 2.49, down 0.21 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 160 yuan/mt, standard-quality copper at a premium of 100 yuan/mt, and SX-EW copper at a premium of 20 yuan/mt.

Overall, with inventory declining for four consecutive days, suppliers held prices firm for sales, and spot premiums rose sharply.

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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