Inventory Hit a New Low, Suppliers Actively Held Prices Firm, Premium Cumulatively Surged by 230 yuan/mt This Week [SMM South China Spot Copper]

Published: Jun 12, 2026 11:34

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SMM, June 12:

Spot #1 copper cathode in Guangdong against the front-month contract: high-quality copper was quoted at premiums of 270 yuan/mt, up 30 yuan/mt from the previous trading day; standard-quality copper was quoted at premiums of 210 yuan/mt, up 30 yuan/mt from the previous trading day; SX-EW copper was quoted at premiums of 150 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 104,715 yuan/mt, up 1,090 yuan/mt from the previous trading day, while the average price of SX-EW copper was 104,625 yuan/mt, up 1,075 yuan/mt from the previous trading day.

Spot market: Guangdong’s inventory fell for the ninth consecutive day, hitting a new low for the year and coming in 9,000 mt below the same period last year. Driven by tight inventory, suppliers ignored a sharp rebound in copper prices today and continued to hold prices firm when selling, sending premiums up 30 yuan/mt from yesterday. Spot premiums accumulated an increase of 230 yuan/mt this week. The purchasing sentiment for copper cathode in Guangdong today stood at 2.22, down 0.08 from the previous trading day, while the selling sentiment reached 2.64, down 0.2 from the previous trading day (historical data can be accessed via the database).

Overall, with inventory at a record low, suppliers actively held prices firm, driving premiums up by a cumulative 230 yuan/mt this week, though trading sentiment weakened.

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