SMM August 20 news: Today, spot #1 copper cathode in Guangdong was quoted at a premium of 110-180 yuan/mt against the front-month contract, with an average premium of 145 yuan/mt, up 25 yuan/mt from the previous session. SX-EW copper was quoted at a premium of 30-50 yuan/mt, with an average premium of 40 yuan/mt, up 30 yuan/mt from the previous session. The average price of #1 copper cathode in Guangdong was 107,235 yuan/mt, up 360 yuan/mt from the previous session, and the average price of SX-EW copper was 107,130 yuan/mt, up 365 yuan/mt from the previous session. Spot market: Copper prices stopped falling and stabilized. As the traditional peak season approached, end-user stockpiling demand recovered, coupled with social inventory destocking in Guangdong; traders maintained high premium quotes, and with end-users ensuring delivery of peak-season orders, transaction volumes increased from yesterday. Today, purchase sentiment for copper cathode in Guangdong was 2.53, up 0.14 from the previous session, and shipment sentiment was 3.09, up 0.14 from the previous session (historical data can be checked in the database). As of 11:00, the front-month contract high-quality copper reported a premium of 160 yuan/mt, standard-quality copper reported a premium of 80 yuan/mt, and SX-EW copper reported a premium of 10 yuan/mt. Overall, with downstream demand recovering and low inventory, suppliers offered high premiums, and transaction conditions were moderate due to increased stockpiling demand. > Order to view SMM metal spot historical prices > View SMM database

Construction Materials Social Inventory: According to SMM survey, the total construction materials social inventory shifted from increase to decline this period. As of August 20, 2026, SMM construction materials social inventory stood at 5.5491 million mt, destocking by 206,600 mt WoW, down 3.59%. During the survey period, futures drifted higher, and market trading sentiment improved slightly compared to the earlier period, driving the overall inventory destocking. In addition, in some regions, high water levels in waterways hindered navigation, leaving most resources still stranded in transit, causing a significant drop in actual arrivals. The combined impact led to a faster pace of social inventory destocking this period. Going forward, attention should be paid to inventory pressure from concentrated arrivals after navigation resumes. Regional Social Inventory: Currently, inventory performance across regions continued to diverge. East China stood out in destocking, mainly due to the phased shipping suspensions in Huzhou, Jiaxing and other places, which caused a sharp drop in construction materials arrivals in Hangzhou, while demand remained largely at the prior level, resulting in a notable WoW destocking. In the Northwest region, due to continuous resource outflows from local steel mills, in-province deployment decreased, and inventory continued to destock. In Southwest China, Central China, and South China, sentiment recovered intermittently driven by futures, and downstream clients' willingness to purchase strengthened slightly, edging inventory down.

According to SMM statistics, total construction steel inventory this period was 8.3259 million mt, down 217,100 mt MoM (-2.54% MoM), shifting from increase to decline. Both mill inventory and social inventory destocked to varying degrees. Social inventory destocking accelerated notably as arrivals dropped. With the dock closure now lifted, subsequent concentrated arrivals of construction steel may lead to social inventory accumulation.

[Aluminum Social Inventory Destocking Underpins Futures, Short-Term Prices to Consolidate Within Range] Overall, domestic aluminum prices are expected to mainly consolidate in the short term, with upside room likely to be suppressed by production resumption expectations.

[Macro Support Combined With Inventory Destocking: Aluminum Prices Consolidate on a Strong Note] Overall, aluminum prices are expected to consolidate on a strong note in the short term, but upside room will be somewhat capped by expectations of production resumptions.

It is understood that as of August 13, in-factory inventory of major primary lead delivery brands stood at 20,900 mt, down 1,300 mt WoW. As some primary lead smelters underwent maintenance, regional supply of lead ingot tightened somewhat, and with some cargo moving into the market, smelters' in-factory inventory pressure eased. However, lead prices trended upward overall this week; downstream enterprises were wary of high prices and stayed on the sidelines, making cautious purchases. Spot market transactions were lackluster, and inventory destocking at primary lead smelters was limited. In addition, as lead prices rebounded, losses at secondary lead enterprises gradually narrowed, and some enterprises showed signs of resuming production, which diverted some downstream just-in-time procurement and also somewhat constrained inventory destocking at primary lead smelters.