End-user restocking demand was moderate, suppliers actively lowered prices to sell, causing premiums to continue declining [SMM South China Spot Copper]

Published: Feb 2, 2026 12:02

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SMM February 2 News:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were at a discount of 380-150 yuan/mt, with the average discount at 265 yuan/mt, down 45 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 460-440 yuan/mt, with the average discount at 450 yuan/mt, down 80 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 100,290 yuan/mt, down 5,550 yuan/mt from the previous trading day, while the average price of SX-EW copper was 100,105 yuan/mt, down 5,585 yuan/mt from the previous trading day.

Spot market: Inventory in Guangdong increased significantly after the weekend, mainly due to a large increase in arrivals. Although copper prices fell sharply today, some suppliers actively held prices firm, with standard-quality copper quoted at a discount of 160 yuan/mt in the morning session. However, some suppliers were eager to sell and realized funds, actively lowering premiums to sell, resulting in a decline in premiums. Today, the procurement sentiment for copper cathode in Guangdong was 1.89, up 0.16 from the previous trading day, while the sales sentiment was 3.42, down 0.09 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 150 yuan/mt, standard-quality copper at a discount of 380 yuan/mt, and SX-EW copper at a discount of 450 yuan/mt.

Overall, end-user restocking demand was moderate, and suppliers' active price reductions led to a continued decline in premiums, with overall trading activity being moderate.

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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