Copper Prices Hit New Highs as Downstream Buyers Reluctant to Restock, Overall Trading Remains Poor [SMM South China Spot Copper]

Published: May 12, 2026 11:36

Save

SMM May 12 News:

Guangdong #1 copper cathode spot prices against the front-month contract today: high-quality copper was quoted at a premium of 260 yuan/mt, down 30 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 190 yuan/mt, down 30 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 120 yuan/mt, down 30 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,355 yuan/mt, up 1,385 yuan/mt from the previous trading day, and the average price of SX-EW copper was 104,325 yuan/mt, up 1,395 yuan/mt from the previous trading day.

Spot market: Guangdong inventory increased again today, mainly driven by increased arrivals and weak consumption. Copper prices hit a recent high, dampening downstream restocking enthusiasm, but suppliers were unwilling to lower prices for shipments. The divergence between the two sides was significant, and the overall trading sentiment was poor. The purchasing sentiment for copper cathode in Guangdong today was 2.21, down 0.1 from the previous trading day, and the shipment sentiment was 2.9, down 0.2 from the previous trading day (historical data can be accessed via the database).

Overall, copper prices hit new highs and downstream buyers were reluctant to restock, resulting in poor overall trading activity.

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

1 hour ago

Downstream Buyers Took a Wait-and-See Approach Amid Surging Copper Prices, Spot Cargo Trading Activity Remained Weak [SMM North China Spot Copper]

Today, #1 copper cathode spot prices in North China against the front-month contract were reported at an average discount of 250 yuan/mt to a discount of 130 yuan/mt, with the average discount of 190 yuan/mt down 10 yuan/mt from the previous trading day. The average transaction price was 106,535 yuan/mt, up 2,450 yuan/mt from the previous trading day.

1 hour ago

May 31, 2026 11:21

SMM: Analysis of Japan's Secondary Copper Market — Future Market Outlook and Countermeasures

May 31, 2026 11:21

2 hours ago

April Copper Plate/Sheet and Strip Operating Rate Hit 5-Year High

In April, the copper plate/sheet and strip industry continued its high prosperity, with the operating rate rising to a four-year peak for the same period and strong production momentum. On one hand, market demand was released in a concentrated manner in March, with enterprises taking significantly higher volumes of orders, resulting in ample orders on hand awaiting delivery and sufficient order visibility, effectively supporting enterprises in maintaining a high production schedule pace in April. On the other hand, overall end-use demand continued its positive trend, with order intake from core downstream sectors such as power, new energy, and electronics remaining generally stable. In particular, end-use demand from semiconductor lead frames, NEVs, energy storage, and power transformers r

2 hours ago