Inventory declines again, spot premiums remain firm, but overall trading is weaker than yesterday [SMM South China spot copper]

Published: Sep 9, 2026 11:32

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SMM, September 9:
Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 250 yuan/mt, unchanged from the previous trading day; standard-quality copper was quoted at a premium of 150 yuan/mt, unchanged from the previous trading day; SX-EW copper was quoted at a premium of 90 yuan/mt, unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 111,660 yuan/mt, up 350 yuan/mt from the previous trading day, while the average price of SX-EW copper was 111,550 yuan/mt, up 350 yuan/mt from the previous trading day.

Spot market: After two days of significant inventory buildup, arrivals dropped notably today, causing Guangdong inventory to decline again. Encouraged by this, suppliers ignored the rise in copper prices and continued to hold prices firm while selling. Downstream buyers, facing tight inventory, had to accept high premiums, with overall trading activity moderate. Today, the purchasing sentiment for copper cathode in Guangdong was 2.45, down 0.06 from the previous trading day, while the selling sentiment was 2.82, down 0.07 from the previous trading day (historical data can be accessed via the database).

Overall, inventory declined again and spot premiums remained firm, but overall trading activity was weaker 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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