Guangdong Copper Prices Surge as Inventory Levels Hit New Low

Copper prices in Guangdong have continued to rise due to tight inventory levels. According to Shanghai Metals Market, the average price of #1 copper cathode in Guangdong reached 110,020 yuan/mt, up 575 yuan/mt from the previous day.

The premium for high-quality copper against the front-month contract increased by 20 yuan/mt to 340 yuan/mt, while standard-quality copper saw a similar increase to 240 yuan/mt. SX-EW copper also rose to a premium of 180 yuan/mt.

Inventory levels in Guangdong have declined for 14 consecutive days and are now at less than 7 kt. Suppliers are holding prices firm, driving premiums higher, while buyers are being forced to accept the high costs due to limited supply.