Copper Prices Pulled Back Significantly as Downstream Began Restocking, Overall Trading Improved [SMM South China Spot Copper]

Published: Jun 4, 2026 11:31

Save

SMM June 4 News:

Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at 30 yuan/mt, unchanged from the previous trading day; standard-quality copper was quoted at a discount of 30 yuan/mt, up 10 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 80 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 105,400 yuan/mt, down 1,280 yuan/mt from the previous trading day; the average price of SX-EW copper was 105,320 yuan/mt, down 1,265 yuan/mt from the previous trading day.

Spot market: Guangdong inventory continued to edge down today, with fewer arrivals remaining the main reason. Copper prices finally declined, end-users began restocking, and suppliers held prices firm while selling, with overall trading activity better than yesterday. Today in Guangdong, the copper cathode purchasing sentiment was 1.51, up 0.19 from the previous trading day, and the shipments sentiment was 2.82, up 0.04 from the previous trading day (historical data can be accessed via the database).

Overall, copper prices pulled back significantly, downstream began restocking, and overall trading activity improved.

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 to learn 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

16 mins ago

China's Mainstream Regions Saw Significant Destocking of Copper Social Inventory This Week [SMM Weekly Data]

16 mins ago

55 mins ago

Ecuador Plans to Renegotiate Cascabel Copper Mine Contract, Jiangxi Copper Corporation Project Faces Uncertainty

According to foreign media reports, the Ecuadorian government announced on May 29 that it would renegotiate the mining contract for the Cascabel copper mine, stating that its terms violated national laws and created an imbalance between the government and the company. The mining concession, located in Imbabura Province, was originally held by Australia's SolGold, and Jiangxi Copper Corporation completed its acquisition for approximately $1.16 billion in March this year. Ecuador's Minister of Energy and Environment stated that if renegotiation was refused, the government would seek another operator. The concession holder ENSA countered that the contract was signed in compliance with regulations and expressed willingness to communicate with the government. Ecuador has issued new minimum parameters for mining contracts, allowing the review or modification of existing contracts, though the previously signed Cangrejos gold mine contract is not subject to renegotiation.

55 mins ago

1 hour ago

Declining Copper Prices Stimulated Consumption, Converging Price Spread Between Futures Contracts Supported Narrowing of Shanghai Spot Copper Discounts [SMM Shanghai Spot Copper]

[SMM Shanghai Spot Copper] Copper prices shifted lower during the session, with end-use consumption picking up slightly. According to SMM, downstream buyers mostly placed orders and completed transactions in the range of 105,000-105,500 yuan/mt, with trading conditions improving compared to yesterday. In terms of market structure, the inter-month Contango price spread between futures contracts narrowed slightly to 100-50 yuan/mt. Driven by delivery logic, suppliers strengthened their willingness to hold prices firm, pushing spot discounts to narrow. On the inventory front, SMM data showed that social inventory of copper cathode in Shanghai was recorded at 169,800 mt, down 6,900 mt from June 1, showing a slight destocking trend, mainly due to moderate consumption coupled with reduced arrivals. Overall, under the combined effects of demand stimulated by copper price pullbacks, price spread convergence between futures contracts supporting firm pricing, and destocking, spot prices against the SHFE copper 2606 contract are expected to see discounts narrow further tomorrow.

1 hour ago