Downstream restocking nears completion as the Chinese New Year approaches, spot trades weaken [SMM South China Spot Copper]

Published: Feb 10, 2026 11:53

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SMM Feb. 10:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were at a discount of 180-30 yuan/mt, with the average discount at 105 yuan/mt, flat from the previous trading day. SX-EW copper was quoted at a discount of 260-220 yuan/mt, with the average discount at 240 yuan/mt, flat from the previous trading day. The average price of #1 copper cathode in Guangdong was 101,575 yuan/mt, up 180 yuan/mt from the previous trading day, while the average price of SX-EW copper was 101,440 yuan/mt, also up 180 yuan/mt from the previous trading day.

Spot market: Guangdong inventory increased for two consecutive days, mainly due to rising arrivals and weakening consumption. Although copper prices changed little, end-users' restocking enthusiasm was moderate, as pre-Chinese New Year stockpiling neared its end. Additionally, the price spread among different brands remained wide. Deliverable brands saw firm offers, with trades concluded even at a discount of 70 yuan/mt, while non-deliverable brands had to offer discounts of 180 yuan/mt to secure deals. Today, purchasing sentiment for copper cathode in Guangdong was 2.24, down 0.07 from the previous trading day, while shipment sentiment was 3.05, up 0.1 from the previous trading day (historical data available in the database). As of 11:00, high-quality copper against the front-month contract was quoted at a discount of 30 yuan/mt, standard-quality copper at a discount of 180 yuan/mt, and SX-EW copper at a discount of 240 yuan/mt.

Overall, as the Chinese New Year approaches, downstream restocking is nearing completion, and spot trades are tapering off.

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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