Downstream Continued to Be Bearish on Copper Prices and Reluctant to Purchase More, Overall Trading Was Moderate [SMM South China Spot Copper]

Published: May 20, 2026 11:31

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SMM May 20 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 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 180 yuan/mt, down 20 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 110 yuan/mt, down 20 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 103,825 yuan/mt, down 890 yuan/mt from the previous trading day, and the average price of SX-EW copper was 103,715 yuan/mt, down 895 yuan/mt from the previous trading day.

Spot market: Guangdong inventory increased significantly today, mainly due to concentrated arrivals from the north. Although copper prices and premiums both declined, downstream restocking willingness remained lukewarm, with many enterprises still bearish on copper prices. Therefore, overall trading activity was moderate today. The purchasing sentiment for copper cathode in Guangdong was 2.0, down 0.03 from the previous trading day, and the shipments sentiment was 2.39, up 0.08 from the previous trading day (historical data can be accessed via the database).

Overall, downstream participants continued to be bearish on copper prices and were reluctant to purchase more, with overall trading activity remaining moderate.

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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