Copper Prices Pulled Back with Increased Downstream Procurement, Overall Trading Slightly Better Than Last Friday [SMM South China Spot Copper]

Published: May 18, 2026 11:29

Save

SMM May 18 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 104,235 yuan/mt, down 1,515 yuan/mt from the previous trading day, and the average price of SX-EW copper was 104,160 yuan/mt, down 1,485 yuan/mt from the previous trading day.

Spot market: Guangdong inventory increased again today, as the wide Shanghai-Guangdong price spread led to more shipments flowing south from the north. Affected by this, some suppliers were eager to sell and actively lowered prices to move shipments, while some end-users also took the opportunity of the copper price pullback to replenish moderately. Overall trading activity was slightly better than last Friday. The purchasing sentiment for copper cathode in Guangdong today was 2.14, up 0.04 from the previous trading day, and the shipment sentiment was 2.45, down 0.06 from the previous trading day (historical data can be accessed via the database).

Overall, downstream purchasing increased as copper prices pulled back, and overall trading activity was slightly better than last Friday.

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 min ago

India’s Top Copper Producers Oppose Scrap-Based Rod Standards

India’s leading copper producers, including Adani, Vedanta, Hindalco, and Hindustan Copper, are opposing the inclusion of scrap-based copper wire rods in national quality standards. The companies argue that some recycled copper products may not meet the purity requirements needed for transformers, power cables, and other critical electrical infrastructure. The debate comes as India rapidly expands its power grid and clean-energy investments, driving strong copper demand growth. Analysts say the dispute reflects growing efforts to strengthen copper supply-chain quality and security in India.

1 min ago

Common.Time.minsAgo

Shuka Mining Launches Drilling in Zambia; Overnight LME Copper and SHFE Copper Both Closed Lower [SMM Copper Morning Meeting Minutes]

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,489/mt, initially rising to $13,533.5/mt before the price center gradually shifted lower to $13,386/mt, ultimately closing at $13,427/mt, down 1.2%. Trading volume reached 20,000 lots, and open interest stood at 277,000 lots, a decrease of 6,463 lots from the previous trading day, indicating bulls reducing positions. Overnight, the most-traded SHFE copper 2606 contract opened at 104,130 yuan/mt, initially touching a high of 104,170 yuan/mt before the price center shifted lower to a low of 103,390 yuan/mt, ultimately moving sideways to close at 103,670 yuan/mt, down 0.82%. Trading volume reached 31,000 lots, and open interest stood at 143,000 lots, a decrease of 4,124 lots from the previous trading day, indicating bulls reducing positions.

Common.Time.minsAgo

Common.Time.hoursAgo

Macro Tailwinds Underpinned Copper Prices as BC Copper Price Spread Between Domestic and Overseas Markets Remained Inverted [SMM BC Copper Commentary]

Common.Time.hoursAgo