Suppliers continue to be bullish on premiums and hold prices firm for shipments amid high copper prices, resulting in very sluggish spot trades [SMM South China Spot Copper]

Published: May 13, 2026 11:30

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SMM May 13:

Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 270 yuan/mt, up 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 200 yuan/mt, up 10 yuan/mt; SX-EW copper was quoted at a premium of 130 yuan/mt, up 10 yuan/mt. The average price of Guangdong #1 copper cathode was 108,745 yuan/mt, up 1,660 yuan/mt from the previous trading day, and the average price of SX-EW copper was 108,640 yuan/mt, up 1,660 yuan/mt.

Spot market: Guangdong inventory pulled back slightly today, mainly due to fewer arrivals. Although copper prices hit new recent highs again, suppliers continued to be bullish on premiums and were unwilling to lower prices for shipments, instead actively holding prices firm, pushing premiums higher. However, facing both high prices and high premiums, end-users showed poor enthusiasm for restocking and only made sporadic purchases. The purchasing sentiment for copper cathode in Guangdong was 2.11, down 0.1 from the previous trading day, and the shipment sentiment was 2.8, down 0.1 from the previous trading day (historical data can be accessed via the database).

Overall, suppliers continued to be bullish on premiums and held prices firm for shipments despite high copper prices, making spot trades very sluggish.

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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