Premiums hit a record high, downstream purchasing interest declined, overall trading was weaker than yesterday [SMM South China spot copper]

Published: Sep 23, 2026 11:28 (GMT+8)

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SMM, September 23:

Today in Guangdong, spot #1 copper cathode against the front-month contract: high-quality copper was quoted at a premium of 1,400 yuan/mt, up 100 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 1,100 yuan/mt, up 100 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 1,040 yuan/mt, up 100 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 112,615 yuan/mt, up 380 yuan/mt from the previous trading day, and the average price of SX-EW copper was 112,405 yuan/mt, up 380 yuan/mt from the previous trading day.

Spot market: Guangdong inventory continued to decline today, falling for two consecutive days, mainly due to reduced arrivals and increased warehouse withdrawals, as stockpiling picked up ahead of the Mid-Autumn Festival. As a result, suppliers continued to hold prices firm while selling, with the standard-quality copper premium now rising to 1,100 yuan/mt, a record high. Downstream buyers, faced with ultra-high premiums, showed weaker purchasing interest than yesterday, and overall trading was less active than yesterday. Today, the purchasing sentiment for copper cathode in Guangdong was 2.69, down 0.02 from the previous trading day, while the selling sentiment was 2.71, up 0.06 from the previous trading day (historical data can be accessed via the database).

Overall, with premiums at record highs, downstream purchasing interest declined, and overall trading was less active 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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