Copper prices continued to rise, market wait-and-see sentiment was strong, and spot premiums fell [SMM South China copper cathode spot weekly review]

Sep 2026

Guangdong region: This week, premiums in the region showed an L-shaped trend. As copper prices continued to rise, downstream procurement volume declined, causing spot premiums to follow suit and move lower. As of Thursday, high-quality copper was quoted at a premium of 250 yuan/mt, down 70 yuan/mt from last Thursday; standard-quality copper was quoted at a premium of 150 yuan/mt, down 70 yuan/mt from last Thursday; and SX-EW copper was quoted at a premium of 90 yuan/mt, down 70 yuan/mt from last Thursday. On Thursday, the price spread for standard-quality copper premiums between Shanghai and Guangdong stood at Guangdong being 140 yuan/mt higher, a relatively small spread that did not trigger inter-regional transfers. According to SMM statistics, as of Thursday, total inventory in Guangdong warehouses was 8,200 mt, up 200 mt from last Thursday, with warrants totaling 800 mt, down 300 mt from last Thursday. Specifically: This week, warehouse arrivals were 13,900 mt/week, up 4,700 mt/week WoW, on par with the annual average level (14,000 mt/week). Increased shipments from smelters and the arrival of imported copper were the main reasons. Warehouse withdrawals were 13,700 mt/week, down 800 mt from last week, slightly below the annual average level (14,200 mt/week). Copper prices rose sharply, and downstream enterprises showed strong wait-and-see sentiment, with procurement volume lower than last week.

Looking ahead to next week, it is reported that arrivals will not increase significantly, but downstream consumption may recover somewhat if copper prices fall notably, and spot premiums are expected to continue rising.

(The above information is based on market data collection and comprehensive assessment by the SMM research team. The information provided herein is for reference only. This document does not constitute direct investment research advice. Clients should make decisions prudently and not use this as a substitute for their own independent judgment. Any decisions made by clients are unrelated to SMM.)