Downstream production resumptions also led to an increase in procurement volume, with overall trading activity continuing to improve [SMM Southern China Spot Copper]

Published: Feb 26, 2026 11:45

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SMM February 26:

Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were at a discount of 270-100 yuan/mt, with the average discount at 185 yuan/mt, up 35 yuan/mt from yesterday. SX-EW copper was quoted at a discount of 350-310 yuan/mt, with the average discount at 330 yuan/mt, up 50 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 102,185 yuan/mt, up 260 yuan/mt from the previous trading day, while the average price of SX-EW copper was 102,040 yuan/mt, up 275 yuan/mt from the previous trading day.

Spot market: Guangdong inventory continued to increase today, but the growth rate slowed down compared to yesterday. However, inventory is expected to peak next week. As more downstream users resumed production, procurement volume also increased. Suppliers actively held prices firm and made shipments, pushing spot premiums higher. Today, procurement sentiment for copper cathode in Guangdong was 2.42, up 0.17 from the previous trading day, while shipment sentiment was 3.05, up 0.05 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 discount of 100 yuan/mt, standard-quality copper at a discount of 270 yuan/mt, and SX-EW copper at a discount of 330 yuan/mt.

Overall, as downstream production resumed, procurement volume increased accordingly. Suppliers actively held prices firm and made shipments, leading to continued improvement in overall trading activity.

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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