Spot premiums rose sharply after delivery, and downstream enterprises increased procurement volume as copper prices declined [SMM South China spot copper]

Published: Oct 16, 2026 11:49 (GMT+8)

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SMM, October 16:

Today in Guangdong, spot prices of #1 copper cathode against the front-month contract: high-quality copper was quoted at a premium of 830 yuan/mt, up 680 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 530 yuan/mt, up 630 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 470 yuan/mt, up 630 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 110,090 yuan/mt, down 235 yuan/mt from the previous trading day, and the average price of SX-EW copper was 110,030 yuan/mt, down 235 yuan/mt from the previous trading day.

Spot market: Guangdong inventory increased again. Yesterday was the delivery day, downstream consumption was weak, and suppliers had to deliver goods to warehouses. After the contract rollover, downstream procurement appetite picked up somewhat, with lower copper prices being one reason for the increase in procurement volume. Attention should be paid to arrivals at warehouses next week; if inventory declines, premiums are likely to continue rising. Today, the procurement sentiment for copper cathode in Guangdong was 2.48, up 0.1 from the previous trading day, and the shipment sentiment was 2.69, up 0.1 from the previous trading day (historical data can be queried by logging into the database).

Overall, after delivery, spot premiums rose sharply, downstream enterprises slightly increased procurement volume due to lower copper prices, and overall trading was slightly better 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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