The price spread between futures contracts widened, with suppliers holding back on sales, and spot premiums rose. [SMM South China Spot Copper]

Published: Jan 14, 2026 12:43

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SMM Jan. 14:

In Guangdong today, spot prices of #1 copper cathode against the front-month contract were at a premium of 20-80 yuan/mt, with the average premium at 50 yuan/mt, up 30 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 50-30 yuan/mt, with the average discount at 40 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 103,540 yuan/mt, up 1,385 yuan/mt from the previous trading day, while the average price of SX-EW copper was 103,450 yuan/mt, up 1,385 yuan/mt from the previous trading day. Spot market: Guangdong inventory finally declined, mainly due to reduced arrivals. Approaching delivery and a significant widening of the price spread between futures contracts boosted traders' purchasing enthusiasm, but suppliers generally held back sales, driving premiums higher today. Additionally, some offers against the Feb. contract were heard at a discount of 120 yuan/mt today, but transactions were scarce. Purchasing sentiment for copper cathode in Guangdong today was 2.05, up 0.2 from the previous trading day, while selling sentiment was 2.79, down 0.3 from the previous trading day (historical data available in the database). As of 11 a.m., high-quality copper against the front-month contract was quoted at a premium of 80 yuan/mt, standard-quality copper at a premium of 20 yuan/mt, and SX-EW copper at a discount of 40 yuan/mt.

Overall, the significant widening of the price spread between futures contracts increased traders' restocking desire, but suppliers' reluctance to sell stimulated higher premiums, and overall trading continued to improve.

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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