Although inventory continued to decline, suppliers were eager to offload goods, causing spot premiums to persistently decline. [SMM South China Spot Copper]

Published: Jan 27, 2026 11:39

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SMM Jan. 27:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were at a discount of 350-120 yuan/mt, with the average discount at 235 yuan/mt, down 25 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 410-390 yuan/mt, with the average discount at 400 yuan/mt, down 50 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 101,505 yuan/mt, down 1,155 yuan/mt from the previous trading day, while the average price of SX-EW copper was 101,340 yuan/mt, down 1,180 yuan/mt from the previous trading day.

Spot market: Guangdong inventory continued to decline today, marking the fourth consecutive drop, mainly due to reduced arrivals. Despite the continuous inventory decline, suppliers were eager to sell and continued to actively lower prices, causing spot premiums to fall further today, with overall trading activity remaining sluggish. Procurement sentiment for copper cathode in Guangdong today was 1.94, up 0.01 from the previous trading day, while sales sentiment was 3.69, up 0.1 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 discount of 120 yuan/mt, standard-quality copper at a discount of 350 yuan/mt, and SX-EW copper at a discount of 400 yuan/mt.

Overall, despite the continuous inventory decline, suppliers' eagerness to sell led to a further decline in spot premiums.

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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