Copper prices pulled back, and downstream purchases increased slightly with the weekend, improving overall trading[SMM South China spot copper]

Published: Jul 24, 2026 11:31

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SMM July 27:

Today, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 190 yuan/mt, down 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 140 yuan/mt, unchanged from the previous trading day; and SX-EW copper was quoted at a premium of 80 yuan/mt, also unchanged. The average price of Guangdong #1 copper cathode was 105,085 yuan/mt, down 1,215 yuan/mt from the previous trading day, and the average price of SX-EW copper was 105,000 yuan/mt, down 1,210 yuan/mt.

Spot market: Guangdong inventory fell for three consecutive days, hitting a new recent low, with decreased arrivals and increased warehouse withdrawals as the main reasons. Copper prices pulled back again and with the weekend approaching, downstream enterprises' purchasing interest improved slightly from yesterday; suppliers maintained the same premiums as yesterday for shipments, and spot transaction prices saw relatively small changes. Today, Guangdong's copper cathode purchasing sentiment was 2.56, up 0.06 from the previous trading day, and shipment sentiment was 2.80, down 0.05 from the previous trading day. Tight supply led to lower willingness to sell. (Historical data can be accessed through the database.)

Overall, copper prices pulled back and with the weekend arriving, downstream purchases picked up slightly, leading to an improvement in overall trading.

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