Inventory Falls for Fourth Straight Session, Suppliers Hold Prices Firm; Spot Premiums Climb [SMM South China Copper Spot]

Published: Jul 7, 2026 11:33

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SMM July 7:

Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper was quoted at 80 yuan/mt, up 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 10 yuan/mt, a premium of 20 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 60 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 103,145 yuan/mt, down 210 yuan/mt from the previous trading day, and the average price of SX-EW copper was 103,040 yuan/mt, down 205 yuan/mt from the previous trading day.

Spot market: Guangdong inventory declined for four consecutive days, primarily due to reduced arrivals (a brief, small-scale regional logistics disruption occurred yesterday, and road traffic and freight flows have now fully returned to normal) and increased shipments. With inventory consistently drawing down, suppliers held prices firm and sold, pushing spot premiums higher than yesterday, while downstream users bought on dips. Overall transactions improved from yesterday. Today, Guangdong's copper cathode procurement sentiment index was 2.59, up 0.08 from the previous trading day, and the shipment sentiment index was 2.92, up 0.07 from the previous trading day (historical data can be accessed via the database).

Overall, with inventory falling for four straight days, suppliers held prices firm, spot premiums rose, and overall trading improved.

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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