SMM December 31:
Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were at a discount of 200-130 yuan/mt, with the average discount at 165 yuan/mt, up 20 yuan/mt from the previous trading day. SX-EW copper was quoted at a discount of 280-260 yuan/mt, with the average discount at 270 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 98,845 yuan/mt, up 1,650 yuan/mt from the previous trading day, while the average price of SX-EW copper was 98,740 yuan/mt, up 1,650 yuan/mt from the previous trading day.
Spot market: Inventory in Guangdong continued to increase today, marking the 10th consecutive day of growth, with weak consumption being the main reason. Trading was sluggish on the last trading day of 2025, with only some large traders purchasing deliverable supplies as premiums were too low, while downstream enterprises made limited restocking. The procurement sentiment for copper cathode in Guangdong today was 1.12, down 0.01 from the previous trading day, and the sales sentiment was 3.57, 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 discount of 130 yuan/mt, standard-quality copper at a discount of 200 yuan/mt, and SX-EW copper at a discount of 270 yuan/mt. Inventory is expected to continue increasing after the New Year's Day holiday, but as the delivery period approaches, more supplies will flow to warehouses for delivery, reducing the availability of spot cargo in the market, and spot premiums are expected to stop falling and rebound.
Overall, inventory rose for 10 consecutive days while spot trades remained quiet, and a recovery is expected only after the holiday, regarding the flow of deliverable supplies.
