July Suppliers Stopped Cutting Prices and Turned to Holding Prices Firm, Spurring a Sharp Rise in Premiums [SMM South China Spot Copper]

Published: Jul 1, 2026 11:41

Save

SMM July 1 Report:

Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper was quoted at a premium of 50 yuan/mt, up 50 yuan/mt from the previous trading day; standard-quality copper was quoted at 0 yuan/mt, up 90 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 60 yuan/mt, up 90 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 102,220 yuan/mt, up 140 yuan/mt from the previous trading day, and the average SX-EW copper price was 102,135 yuan/mt, up 160 yuan/mt.

Spot market: Guangdong inventory had increased for nine consecutive days, mainly due to weak consumption and increased arrivals. Entering July, suppliers stopped lowering prices to sell and instead held prices firm. As a result, spot premiums surged sharply. Transaction prices for standard-quality copper ranged from -10 yuan/mt to 0 yuan/mt. Due to the excessively rapid and steep increase in premiums, overall trading only improved slightly compared with yesterday. Today, the electrolytic copper purchasing sentiment in Guangdong stood at 2.45, edging up 0.05 from the previous trading day, while the selling sentiment was 2.89, up 0.06 (historical data can be queried by logging into the database).

Overall, in July, suppliers shifted from cutting prices to holding prices firm, fueling a sharp increase in 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.

For any inquiries or for 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

11 mins ago

Restocking Demand Released at the Beginning of the Month, Shanghai Spot Copper Discounts Narrow [SMM Shanghai Spot Copper]

[SMM Shanghai Spot Copper] Tomorrow, today was the first trading day of July, a new monthly procurement cycle began, downstream enterprises’ restocking demand at the beginning of the month was released to some extent, and both buying and selling sentiment rebounded markedly, lifting market trading activity. Supplier side, after low-priced cargoes dwindled, suppliers’ willingness to hold prices firm became evident, with the premium for high-quality copper staying at a high of 50-80 yuan/mt. The inter-month price spread was near parity, limiting suppliers’ delivery profits from holding positions, weakening their willingness to sell at low prices, and providing support for spot discounts. Overall, driven by the release of month-start restocking demand, buying interest spurred by low copper prices, and suppliers’ resolve to hold prices firm, spot prices against the SHFE copper 2607 contract tomorrow are expected to edge up.

11 mins ago

2 hours ago

Spot copper supply in the market is limited, and suppliers are holding offers firm [SMM Yangshan spot copper]

2 hours ago

Futures Edge Lower, End-Users on the Sidelines; At Month Start, Holding Prices Firm Keeps Spot Discounts Stable [SMM North China Spot Copper]

Today in North China, spot #1 copper cathode against the front-month contract was reported at an average discount of 170 yuan/mt to 110 yuan/mt, with an average discount of 140 yuan/mt, unchanged from the previous trading day. The average transaction price was 102,060 yuan/mt, down 250 yuan/mt from the previous trading day.

2 hours ago