Copper spot premiums in Guangdong fell through the week as the spread between futures contracts stayed above 600 yuan per metric ton and delivery approached. Weak downstream demand forced suppliers to reduce prices, leaving high-quality copper at a 150-yuan premium on Thursday, down 250 yuan from a week earlier. Standard copper traded at a 100-yuan discount and SX-EW copper at a 160-yuan discount, with both discounts widening by 200 yuan week on week.
The standard-copper premium in Shanghai was 70 yuan per ton higher than in Guangdong on Thursday, but the gap was too narrow to justify moving cargo between the regions. Guangdong warehouse stocks fell to 16,800 tons, down 3,200 tons from the previous week, while warrants rose by 4,511 tons to 4,960 tons.
Domestic deliveries made up most of the increase after concentrated post-holiday arrivals, while imported copper inflows remained limited.
Nearby smelter maintenance is expected to reduce supply in the following week, while lower copper prices could support a recovery in downstream buying. On that basis, inventories are expected to keep falling and spot premiums could rebound, although the forecast remains dependent on the expected supply and demand changes.
Separately, Sanfu New Materials’ Mingyi Electronics has introduced a gantry electroplating equipment series for circuit boards with aspect ratios of 40: 1 or higher. The customizable systems support phosphorized copper balls and insoluble-anode configurations and are designed for high-end applications including high-aspect-ratio AI-server PCBs and IC substrates.
The equipment has completed technical testing and received recognition from leading Chinese server-PCB manufacturers. Multiple orders are already in hand, and the product lines have entered production and delivery.