Inventory continues to rise, suppliers proactively cut prices to sell, and downstream restocking increases [SMM South China spot copper]

Published: Jun 16, 2026 11:32

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SMM, June 16:

Spot prices of #1 copper cathode in Guangdong against the front-month contract: high-quality copper was reported at a premium of 210 yuan/mt, down 30 yuan/mt from the previous trading day; standard-quality copper at a premium of 150 yuan/mt, down 30 yuan/mt; and SX-EW copper at a premium of 90 yuan/mt, down 30 yuan/mt. The average price of #1 copper cathode in Guangdong was 104,935 yuan/mt, down 875 yuan/mt from the previous trading day, while the average price of SX-EW copper was 104,845 yuan/mt, down 875 yuan/mt.

Spot market: Guangdong inventory increased for two consecutive days, primarily due to higher arrivals. Some suppliers, facing pressure to liquidate large inventories, actively lowered prices to sell, causing premiums to decline on the day. Downstream users took advantage of the lower copper prices and premiums to increase procurement volumes. Procurement sentiment for copper cathode in Guangdong was 2.28, up 0.26 from the previous trading day, and shipment sentiment was 2.45, up 0.11 (historical data can be accessed by logging into the database).

Overall, as inventory continued to rise, suppliers actively lowered prices to sell, while downstream replenishment increased. Overall trading improved compared to yesterday. Looking ahead, the key focus is on whether arrivals continue to increase.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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