Downstream buyers have largely completed restocking, but suppliers are still holding prices firm for shipments. [SMM South China Spot Copper]

Published: Feb 12, 2026 11:33

Save

SMM February 12:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were at a discount of 100 yuan/mt to a premium of 20 yuan/mt, with the average discount at 40 yuan/mt, an increase of 20 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 180 yuan/mt to a discount of 140 yuan/mt, with the average discount at 160 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 102,005 yuan/mt, rising 830 yuan/mt from the previous trading day, while the average price of SX-EW copper was 101,885 yuan/mt, up 780 yuan/mt from the previous trading day.

Spot market: Inventory in Guangdong ended three consecutive days of increases and declined again, mainly due to increased shipments. As truck fleets also entered the holiday period, many downstream users made restocking purchases yesterday, but few continued to restock today. Moreover, suppliers, seeing no hope for transactions, did not further reduce prices but actively held prices firm, leading to a slight increase in premiums. Today, procurement sentiment for copper cathode in Guangdong was 1.87, down 0.17 from the previous trading day, while shipment sentiment was 3.01, down 0.2 from the previous trading day (historical data can be queried in the database). As of 11:00, high-quality copper against the front-month contract was quoted at a premium of 20 yuan/mt, standard-quality copper at a discount of 100 yuan/mt, and SX-EW copper at a discount of 160 yuan/mt.

Overall, downstream users basically completed restocking, but suppliers still held prices firm for shipments, resulting in sluggish overall trading.

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

12 hours ago

Chile's Water Crisis Threatens Atacama's Copper and Lithium Mining Amid 14-Year Drought

Chile’s most pressing crisis at present is the issue of water resources. The Atacama Desert in Chile is one of the driest regions in the world and also the core area for copper and lithium ore extraction. The local area has experienced a drought for as long as 14 years, and reservoir storage has fallen to only about 30%. For miners, water resources are not a secondary issue, but an indispensable key production factor in such processes as ore processing, dust suppression, and equipment cooling. The decline in ore grade has further exacerbated the predicament

12 hours ago

Trump Adjusts Metal Tariffs, Applies 50% Rate to Consumer Prices Under Section 232, Details Unclear

US President Trump adjusted the national security tariffs on imports of steel, aluminum, and copper, lowering the tariff rates on derivative products made from these metals, streamlining compliance procedures, and preventing the declared value of imports from being understated.A senior Trump administration official said that, under a proclamation signed by Trump, the US would continue to maintain a 50% import tariff on imports of metal commodities such as steel, aluminum, and copper pursuant to Section 232 of the Trade Act of 1974, but would apply this rate to the price paid by US consumers. It is currently unclear how the selling price—and the resulting tariffs—would be determined.

12 hours ago

Barrick Confirms 2028 Production Target for Reko Diq Copper-Gold Project in Pakistan Despite Budget Concerns

Barrick Mining said that its Reko Diq copper-gold project in Pakistan still plans to achieve first production by the end of 2028.The project is a large-scale copper-gold project jointly developed by Barrick, the Pakistani government, and relevant joint venture partners, and is located in Balochistan, Pakistan. Although the company had previously warned that the capital budget previously disclosed for the project's two phases could face a significant increase, the 2028 production commencement target remained unchanged.

12 hours ago