Inventory Ended 24-Day Consecutive Decline and Edged Up, but Suppliers Still Held Prices Firm for Shipments [SMM South China Spot Copper]

Published: Apr 21, 2026 11:40

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SMM April 21 update:

Guangdong #1 copper cathode spot prices against the front-month contract today: high-quality copper was quoted at a premium of 290 yuan/mt, up 30 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 200 yuan/mt, up 30 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 140 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 102,420 yuan/mt, down 460 yuan/mt from the previous trading day, and the average price of SX-EW copper was 102,315 yuan/mt, down 460 yuan/mt from the previous trading day.

Spot market: Guangdong inventory finally ended its 24-consecutive-day decline, mainly due to increased arrivals and weakened consumption. Despite a slight increase in inventory, copper prices fell, and suppliers continued to hold a bearish outlook on future inventory, thus actively holding prices firm. During the morning session, standard-quality copper was already quoted at a premium of 200 yuan/mt. Downstream manufacturers placed limited spot orders, with today's transactions mainly driven by long-term contract pickups, and overall trading sentiment was lukewarm. Guangdong copper cathode procurement sentiment today was 2.38, up 0.07 from the previous trading day, and shipments sentiment was 3.62, up 0.02 from the previous trading day (historical data can be accessed via the database).

Overall, inventory edged up after ending the 24-consecutive-day decline, but suppliers still held prices firm for shipments, and overall trading was lukewarm.

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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