Inventory decline, suppliers hold yesterday's quotes, but downstream unwilling to purchase [SMM South China spot copper]

Published: Oct 14, 2026 11:39 (GMT+8)

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SMM, October 14:

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 discount of 50 yuan/mt, unchanged from the previous trading day; SX-EW copper was quoted at a discount of 110 yuan/mt, unchanged from the previous trading day. The average price of #1 copper cathode in Guangdong was 111,575 yuan/mt, up 85 yuan/mt from the previous trading day, while the average price of SX-EW copper was 111,365 yuan/mt, up 85 yuan/mt from the previous trading day.

Spot market: Guangdong inventory declined again, mainly due to reduced inflows. With lower inventory and a narrowing price spread between futures contracts, suppliers held firm on yesterday's quotes, but downstream users showed strong wait-and-see sentiment and were reluctant to purchase more, resulting in quiet trading overall. Today, the purchasing sentiment for copper cathode in Guangdong was 2.41, down 0.12 from the previous trading day, while the shipment sentiment was 2.63, down 0.12 from the previous trading day (historical data can be accessed via the database).

Overall, with inventory declining, suppliers held firm on yesterday's quotes, but downstream users were unwilling to buy, leaving overall trading quiet.

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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