Inventory Continued to Decline, Suppliers Held Prices Firm Accordingly, and Spot Trades Were Better Than Yesterday [SMM South China Spot Copper]

Published: Mar 26, 2026 11:36

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SMM News, Mar 26:

Today, in Guangdong, spot prices for #1 copper cathode against the front-month contract were reported at a premium of 120 yuan/mt for high-quality copper, up 20 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 20 yuan/mt, up 30 yuan/mt from yesterday; and SX-EW copper was quoted at a discount of 40 yuan/mt, up 30 yuan/mt from yesterday. The average price of #1 copper cathode in Guangdong was 95,625 yuan/mt, down 160 yuan/mt from the previous trading day, while the average price of SX-EW copper was 95,515 yuan/mt, down 155 yuan/mt from the previous trading day.

Spot market: Guangdong inventory fell for the eighth consecutive day, mainly due to scarce arrivals and increased warehouse withdrawals. As inventory continued to decline and copper prices moved lower, suppliers actively held prices firm, driving premiums higher. Downstream buyers showed moderate willingness to restock, and overall spot trades were better than yesterday. Today, procurement sentiment for copper cathode in Guangdong stood at 2.53, up 0.12 from the previous trading day, while shipments sentiment was 3.49, up 0.1 from the previous trading day (historical data is available in the database).

Overall, inventory was still declining, and suppliers held prices firm accordingly, with spot trades better than yesterday.

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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