Copper Prices Fell Sharply, Downstream Buyers Actively Replenished Inventories, and Spot Premiums Rose Significantly [SMM South China Spot Copper]

Published: Mar 19, 2026 11:20

Save

SMM News, March 19:

Today, in Guangdong, spot prices for #1 copper cathode against the front-month contract were quoted at premiums of 140 yuan/mt for high-quality copper, up 90 yuan/mt from yesterday; premiums of 20 yuan/mt for standard-quality copper, up 80 yuan/mt from yesterday; and discounts of 40 yuan/mt for SX-EW copper, up 80 yuan/mt from yesterday. The average price of Guangdong #1 copper cathode was 95,735 yuan/mt, down 3,400 yuan/mt from the previous trading day, while the average price of SX-EW copper was 95,615 yuan/mt, up 3,405 yuan/mt from the previous trading day.

Spot market: Guangdong inventory declined for three consecutive days, mainly due to reduced arrivals and increased shipments. Copper prices fell sharply, and downstream processing enterprises actively placed orders. Suppliers adjusted prices accordingly. In early trading, standard-quality copper was quoted at a discount of 20 yuan/mt, but due to very strong transactions, it was later adjusted to a premium of 20 yuan/mt. Today, procurement sentiment for copper cathode in Guangdong stood at 2.65, up 0.06 from the previous trading day, while shipments sentiment stood at 3.43, up 0.05 from the previous trading day (historical data is available in the database).

Overall, as copper prices fell sharply, downstream buyers actively restocked, driving spot premiums significantly higher.

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 for 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

30 mins ago

Suppliers Both Hold Prices Firm and Make Adjustments, Shanghai Spot Copper Premiums Under Sustained Pressure

Looking ahead to next week, intraday copper prices edged down slightly, and alongside pre-stocking for the Dragon Boat Festival, downstream dip-buying sentiment recovered somewhat, with purchase and sales sentiment each up 0.04 WoW, while transactions for low-priced sources were moderate. However, suppliers’ morning quotes were firm, with standard-quality copper at parity to a premium of 30 yuan/mt, then continuously lowered to near parity. In the second session, some brands were quoted at a discount of 20 yuan/mt, reflecting that amid the current copper price decline, suppliers' willingness to sell increased, while downstream willingness to chase higher prices was insufficient, leaving overall transactions muted. Overall, constrained by high copper prices, Shanghai spot copper premiums against the 2607 contract are expected to hold at current levels next week, or edge up slightly.

30 mins ago

32 mins ago

Suppliers hold prices firm while also adjusting prices, as Shanghai spot copper premiums remain under sustained pressure [SMM Shanghai Spot Copper].

[SMM Shanghai spot copper] Next week, with intraday copper prices edging down and combined with pre-holiday restocking ahead of the Dragon Boat Festival, downstream dip-buying sentiment recovered somewhat. Purchase and sales sentiment rose 0.04 WoW respectively, with moderate transactions for low-priced cargoes. However, suppliers' early-session offers were firm, with standard-quality copper quoted from parity to a premium of 30 yuan/mt, subsequently adjusted down to near parity. In the second session, some brands were already quoted at a discount of 20 yuan/mt, reflecting that amid the current copper price decline, suppliers' willingness to sell increased, while downstream buyers' willingness to chase higher prices was insufficient. Overall trading was thin. On balance, pressured by high copper prices, Shanghai spot copper premiums against the SHFE 2607 contract are expected to remain at current levels next week or edge up slightly.

32 mins ago

Spot Copper Cathode Premiums in North China Under Pressure

[North China Copper Cathode Spot Market] On the last trading day before the holiday, suppliers sold at lower prices to facilitate shipments, concerned about inventory buildup after the holiday, which weakened spot copper cathode premiums in North China. As the mid-year period approaches, the pressure to sell is expected to emerge, putting spot premiums under pressure after the holiday.

32 mins ago