Inventory Fell for the Seventh Consecutive Session, Suppliers Actively Held Prices Firm, and Spot Premiums Rose [SMM South China Spot Copper]

Published: Mar 25, 2026 11:31

Save

SMM News, March 25:

Today, in Guangdong, spot premiums/discounts for #1 copper cathode against the front-month contract were reported at 100 yuan/mt for high-quality copper, up 30 yuan/mt from the previous trading day; a discount of 10 yuan/mt for standard-quality copper, up 20 yuan/mt from yesterday; and a discount of 70 yuan/mt for SX-EW copper, up 20 yuan/mt from yesterday. The average price of Guangdong #1 copper cathode was 95,785 yuan/mt, up 1,755 yuan/mt from the previous trading day, while the average price of SX-EW copper was 95,670 yuan/mt, up 1,750 yuan/mt from the previous trading day.

Spot market: Guangdong inventory declined for seven consecutive days, mainly due to limited arrivals. Although copper prices rose sharply, demand increased because there was not much freely available cargo in the market, and some enterprises that had originally purchased secondary copper switched to purchasing copper cathode. Suppliers actively held prices firm while making shipments, driving spot premiums higher, and overall trading was moderate. Today, the purchasing sentiment for copper cathode in Guangdong was 2.41, down 0.07 from the previous trading day, while shipment sentiment was 3.39, up 0.08 from the previous trading day (historical data is available in the database).

Overall, inventory fell for seven straight days, suppliers actively held prices firm, spot premiums rose, and overall trading was 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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

China’s Brass Bar Imports Fell 9.94% YoY in January-February 2026

According to the latest customs data, in January 2026, China’s imports of copper-zinc alloy (brass) bars and rods were 2,050.01 mt in physical content, down 8.37% MoM and up 24.53% YoY. In February, China’s imports of copper-zinc alloy (brass) bars and rods were 1,344.87 mt in physical content, down 34.4% MoM and down 36.67% YoY, showing an overall sharp decline. Cumulative imports in January-February 2026 were 3,394.87, down 9.94% YoY cumulatively. (HS codes 74072111, 74072119, 74072190).

1 hour ago

[SMM Analysis] The Mystery Behind the Flat China Sulfuric Acid FOB Price

Since the beginning of 2026, the global sulfur supply has been tight, with prices continuing to rise, intensifying pressure across the industrial chain. The external environment has further exacerbated the situation: ongoing turmoil in the Middle East has disrupted shipping through the Strait of Hormuz, affecting nearly 40% of global sulfur maritime transport. Shipping costs have doubled, forcing a restructuring of trade flows.

1 hour ago

Rio Tinto Targets Mid-2030s for Arizona Copper Mine, May Export Concentrate Due to US Smelting Costs

Rio Tinto expects Resolution Copper mine to open by mid-2030s, may export some concentrate HOUSTON, March 24 (Reuters) – Rio Tinto aims to bring its Resolution Copper project in Arizona online by the mid-2030s, but may need to export some copper concentrate due to challenging economics for smelting in the U.S., a senior executive said on Tuesday. The mining giant recently gained control of key acreage for the project after a lengthy court battle.

1 hour ago