Copper Prices Rose but Suppliers Were Unwilling to Lower Prices, Market Trading Was Poor [SMM South China Spot Copper]

Published: Jun 2, 2026 11:41

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SMM June 2 News:

Guangdong #1 copper cathode spot prices against the front-month contract today: high-quality copper was quoted at a premium of 60 yuan/mt, down 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 0 yuan/mt, unchanged from the previous trading day; SX-EW copper was quoted at a discount of 60 yuan/mt, up 10 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 105,960 yuan/mt, up 1,115 yuan/mt from the previous trading day, and the average price of SX-EW copper was 105,870 yuan/mt, up 1,130 yuan/mt from the previous trading day.

Spot market: Guangdong inventory edged down today, mainly due to reduced arrivals and increased warehouse withdrawals. Although copper prices surged significantly today, suppliers did not lower premiums for shipments and merely maintained yesterday's quotes. They even raised prices briefly during the early session, but downstream buyers refused to accept the higher prices, so quotes could only be maintained at yesterday's levels. Overall trading was sluggish. The purchasing sentiment for copper cathode in Guangdong today was 1.46, down 0.07 from the previous trading day, and the shipment sentiment was 2.72, up 0.04 from the previous trading day (historical data can be accessed via the database).

Overall, copper prices rose but suppliers were unwilling to lower prices, and market trading was sluggish.

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