Pre-holiday restocking willingness not strong, spot trades moderate [SMM South China Spot Copper]

Published: Jun 17, 2026 11:30

Save

SMM June 17 news:

Today, spot Guangdong #1 copper cathode against the front-month contract: high-quality copper was quoted at a premium of 210 yuan/mt, flat with the previous trading day; standard-quality copper was quoted at a premium of 150 yuan/mt, flat with the previous trading day; and SX-EW copper was quoted at a premium of 90 yuan/mt, flat with the previous trading day. The average price of Guangdong #1 copper cathode was 105,500 yuan/mt, up 565 yuan/mt from the previous trading day, and the average price of SX-EW copper was 105,410 yuan/mt, up 565 yuan/mt from the previous trading day.

Spot market: Guangdong inventory, after two consecutive increases, finally declined today, mainly due to reduced arrivals and increased shipments. As copper prices rebounded today and some downstream producers had production cuts during the Dragon Boat Festival, their pre-holiday restocking interest was not strong. Suppliers could only maintain yesterday's quotes to sell, but transactions were poor. Today, the purchasing sentiment for copper cathode in Guangdong stood at 2.21, down 0.07 from the previous trading day, while the selling sentiment stood at 2.55, up 0.1 from the previous trading day (historical data can be accessed by logging into the database).

Overall, pre-holiday restocking interest was not strong, spot trades were moderate, and no improvement is expected tomorrow.

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

52 mins ago

[SMM Sulfur Flash] Spot Sulfur Transactions Slide, Shandong Refinery Quotes Decline

Sulfur physical delivery prices kept the downward trend this week. Market sources say that on June 15, the sulfur transaction price had fallen to yuan 9,500/mt, and on June 16, it rebounded slightly to yuan 9,600/mt, but compared to the peak transaction price of yuan 11,985/mt last Thursday (June 11), the gap has already exceeded yuan 2,000/mt. Today (June 17),SMM EXW Shandong Sulfur were further reduced, to a range of yuan 9,507–10,000/mt, with the average price reported at yuan 9,753.5/mt, down yuan 600/mt from yesterday, and the decline widened markedly. Looking back at recent movements, since June 5, the sulfur price started to rally rapidly from yuan 8,075/mt and on June 8 surged to yuan 9,625/mt, thereafter climbing to last week’s peak before pulling back quickly, causing market sentiment to take a sharp downturn. Currently, downstream buying sentiment is weak. Faced with the rapid price decline, buyers are showing strong wait-and-see sentiment, only maintaining purchases for rigid demand while pushing for lower prices. Support from major downstream demand—phosphate fertilisers and sulphuric acid—is insufficient, and the sulfur market still faces further downward pressure in the near term.

52 mins ago

1 hour ago

Long-term contract delivery is dominant, spot market activity is sluggish [SMM North China Spot Copper]

Spot #1 copper cathode in North China was quoted at a discount of 200-140 yuan/mt against the front-month contract, with an average discount of 170 yuan/mt, down 10 yuan/mt from the previous trading day. The average transaction price was 105,155 yuan/mt, up 575 yuan/mt from the previous trading day.

1 hour ago

2 hours ago

Domestic Trade Premiums Hold Steady and Rise, Fundamental Consumption Maintains Resilience [SMM Copper Morning Meeting Summary]

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,744/mt, dipped to $13,725/mt shortly after the opening, then its price center fluctuated upward to touch $13,822.5/mt, followed by wild swings and finally closed at $13,796.5/mt, up 0.61%. Trading volume reached 16,600 lots, open interest stood at 263,000 lots, a decrease of 3,509 lots from the previous trading day, manifested as bearish position reduction. Overnight, the most-traded SHFE copper 2607 contract opened at 105,490 yuan/mt, hitting a high of 105,700 yuan/mt right after the opening, then its price center fluctuated downward all the way, touching a low of 105,060 yuan/mt near the end of trading, and finally closed at 105,210 yuan/mt, down 0.14%. Trading volume reached 25,000 lots, open interest stood at 147,000 lots, a decrease of 1,715 lots from the previous trading day, manifested as bullish position reduction.

2 hours ago