Inventory and copper prices both decline, suppliers actively hold prices firm [SMM South China spot copper]

Published: Nov 03, 2026 10:59 (GMT+8)

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SMM, November 3:

Today in Guangdong, spot #1 copper cathode against the front-month contract: high-quality copper was quoted at a premium of 1,500 yuan/mt, up 50 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 1,250 yuan/mt, up 100 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 1,140 yuan/mt, up 50 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 110,120 yuan/mt, up 200 yuan/mt from the previous trading day, while the average price of SX-EW copper was 109,885 yuan/mt, up 175 yuan/mt from the previous trading day.

Spot market: Guangdong inventory declined again today after a one-day increase yesterday, mainly due to low arrivals. With both inventory and copper prices falling, suppliers actively held prices firm, pushing premiums higher again today. However, downstream buying interest was lukewarm amid high premiums, and overall trading was lackluster. Today, the purchasing sentiment for copper cathode in Guangdong was 2.37, down 0.02 from the previous trading day, while the selling sentiment was 2.60, up 0.04 from the previous trading day (historical data can be accessed via the database).

Overall, with both inventory and copper prices falling, suppliers actively held prices firm, but overall trading was mediocre.

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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