After the holiday, suppliers actively held prices firm, and overall trading improved compared to before the holiday. [SMM South China Spot Copper]

Published: Jan 5, 2026 11:32

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SMM December 31:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were at a premium of 10–70 yuan/mt, averaging a premium of 40 yuan/mt, up 205 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 70–50 yuan/mt, averaging a discount of 60 yuan/mt, up 210 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 100,225 yuan/mt, up 1,380 yuan/mt from the previous trading day, while the average price of SX-EW copper was 100,125 yuan/mt, up 1,385 yuan/mt from the previous trading day.

Spot market: After the New Year's Day holiday, copper cathode inventories in Guangdong increased significantly, mainly due to weak consumption. Despite the continued increase, suppliers held prices firm instead of cutting prices for destocking, leading to a sharp rise in premiums today. Faced with high premiums, downstream buyers were reluctant to make large purchases and only bought in small quantities. Overall trading activity improved compared to pre-holiday levels. Today, purchasing sentiment for copper cathode in Guangdong was 1.38, up 0.26 from the previous trading day, while selling sentiment was 3.20, down 0.37 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 70 yuan/mt, standard-quality copper at a premium of 10 yuan/mt, and SX-EW copper at a discount of 60 yuan/mt.

Overall, after the holiday, suppliers actively held prices firm, and overall trading improved compared to pre-holiday levels.

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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