Copper Prices and Inventory Both Rise, End-User Restocking Desire Remains Sluggish [SMM South China Spot Copper]

Published: May 21, 2026 11:30

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SMM May 21 update:

Guangdong #1 copper cathode spot prices against the front-month contract today: high-quality copper was quoted at a premium of 240 yuan/mt, down 20 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 160 yuan/mt, down 20 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 90 yuan/mt, down 20 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 105,525 yuan/mt, up 1,700 yuan/mt from the previous trading day, and the average price of SX-EW copper was 105,415 yuan/mt, up 1,700 yuan/mt from the previous trading day.

Spot market: Guangdong inventory increased significantly for the second consecutive day today, mainly due to increased arrivals and reduced warehouse withdrawals. Copper prices rose sharply, coupled with concentrated shipments from the north heading south, end-users were bearish on future premiums and reluctant to purchase, so suppliers had to proactively lower prices for shipments. However, even so, actual transactions remained poor. The purchasing sentiment for copper cathode in Guangdong today was 1.91, down 0.09 from the previous trading day, and the shipment sentiment was 2.42, up 0.03 from the previous trading day (historical data can be accessed via the database).

Overall, copper prices and inventory both rose, end-user restocking appetite remained subdued, and overall trading activity was quiet.

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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