Sharp Rise in Copper Prices Fueled Strong Wait-and-See Sentiment Among Downstream Buyers, Overall Trading Remained Sluggish [SMM South China Spot Copper]

Published: Apr 23, 2026 11:38

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SMM April 23 update:

Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 290 yuan/mt, down 20 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 210 yuan/mt, down 20 yuan/mt; SX-EW copper was quoted at a premium of 150 yuan/mt, down 20 yuan/mt. The average price of Guangdong #1 copper cathode was 103,310 yuan/mt, up 855 yuan/mt from the previous trading day, and the average price of SX-EW copper was 103,210 yuan/mt, up 855 yuan/mt.

Spot market: Guangdong inventory declined for two consecutive days, but the decline narrowed compared to earlier, mainly due to increased arrivals and weakened consumption. Copper prices rose significantly today, and downstream wait-and-see sentiment was strong. Suppliers had to lower premiums to facilitate shipments, but trading remained sluggish even after price adjustments, with overall trading activity poor. The purchasing sentiment for copper cathode in Guangdong was 2.25 today, down 0.2 from the previous trading day, and the shipment sentiment was 3.72, up 0.03 (historical data available in the SMM database).

Overall, copper prices surged significantly, downstream wait-and-see sentiment was strong, and overall trading activity was poor.

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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