Suppliers want to hold prices firm to sell but downstream does not accept, overall trading is quiet [SMM South China spot copper]

Published: Jul 10, 2026 11:40

Save

SMM July 10:

Today, Guangdong's #1 copper cathode spot against the front-month contract: high-quality copper quoted at a premium of 110 yuan/mt, up 10 yuan/mt from the previous trading day; standard-quality copper quoted at a premium of 50 yuan/mt, up 10 yuan/mt from the previous trading day; SX-EW copper quoted at a discount of 10 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,030 yuan/mt, up 1,555 yuan/mt from the previous trading day, and the average price of SX-EW copper was 103,940 yuan/mt, up 1,565 yuan/mt.

Spot market: Guangdong's inventory dropped for the 7th consecutive day, primarily due to persistently low arrivals. With inventories declining steadily, suppliers actively held prices firm and sold. In early trading, standard-quality copper briefly rose to a premium of 60 yuan/mt, but the sharp increase, coupled with a significant rise in copper prices, dampened downstream restocking interest. Suppliers then had to lower premiums again to sell. Today, the purchasing sentiment for copper cathode in Guangdong was 2.4, down 0.06 from the previous trading day, while the shipment sentiment was 2.97, up 0.07 (historical data can be accessed via the database).

Overall, suppliers sought to hold prices firm and sell, but downstream buyers did not accept, resulting in subdued trading activity.

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

52 mins ago

Pre-Delivery Futures Spreads Fully Shift Into Backwardation, Shanghai Spot Copper Premiums Hit Year’s High [SMM Shanghai Spot Copper]

[SMM Shanghai spot copper] Looking ahead to next week, the inter-month spread has fully shifted to a backwardation structure, with the backwardation widening to 20-90 yuan/mt. Suppliers are showing strong sentiment to hold back from selling, while social inventory continues to destock rapidly, leaving the pattern of tight available spot cargo unchanged. Overall, under the combined support of the backwardation structure, inventory destocking, and supplier reluctance to sell, Shanghai spot copper prices against the 2607 contract are expected to remain at a premium next week, with the overall strength persisting. Attention should be paid to changes in market structure around delivery and the pace of downstream restocking.

52 mins ago

56 mins ago

Off-Season Combined With High Copper Prices, Operating Rates Pulled Back WoW This Week [SMM Wire and Cable Market Weekly Review]

56 mins ago

1 hour ago

Weak End-Use Demand, Brass Billet Operating Rate Expected to Decline Further

[SMM Brass Billet Flash] Looking ahead to next week (July 10–16), end-use demand in the off-season is unlikely to see a significant recovery, and the situation where high-priced raw materials constrain production remains unchanged. SMM expects the operating rate of the copper billet industry to pull back slightly to 49.58%, with the low-level operating trend continuing.

1 hour ago