Copper prices fell, downstream purchases increased, stimulating higher premiums; overall trading was better than yesterday [SMM South China spot copper]

Published: Oct 22, 2026 11:37 (GMT+8)

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SMM, October 22:

Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 750 yuan/mt, up 20 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 500 yuan/mt, up 40 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 440 yuan/mt, up 40 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 109,750 yuan/mt, down 710 yuan/mt from the previous trading day, while the average price of SX-EW copper was 109,565 yuan/mt, down 700 yuan/mt from the previous trading day.

Spot market: Guangdong inventory fell sharply for two consecutive days, mainly due to reduced arrivals and increased warehouse withdrawals. With inventory continuing to decline and copper prices falling notably, downstream buyers became more active in purchasing, and suppliers took the opportunity to hold prices firm while selling. Today's trading atmosphere was better than yesterday. Today, the purchasing sentiment for copper cathode in Guangdong was 2.75, up 0.12 from the previous trading day, while the selling sentiment was 2.68, down 0.03 from the previous trading day (historical data can be accessed via the database).

Overall, the decline in copper prices and increased downstream purchases stimulated higher premiums, and overall trading was 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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