High Premiums and High Copper Prices Dampen End-User Restocking Willingness, Overall Trading Remains Subdued [SMM South China Spot Copper]

Published: May 19, 2026 11:35

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SMM May 19 News:

Today's Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 270 yuan/mt, up 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 200 yuan/mt, up 20 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 130 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,715 yuan/mt, up 480 yuan/mt from the previous trading day; the average price of SX-EW copper was 104,610 yuan/mt, up 450 yuan/mt from the previous trading day.

Spot market: Today Guangdong inventory declined again, mainly due to reduced arrivals. Suppliers actively held prices firm on shipments, pushing premiums higher. However, end-users were unwilling to restock amid high premiums and high copper prices, only purchasing as needed, resulting in very quiet overall trading today. Today's Guangdong copper cathode purchasing sentiment was 2.03, down 0.11 from the previous trading day; shipments sentiment was 2.31, down 0.14 from the previous trading day (historical data available via the database).

Overall, high premiums and high copper prices dampened end-user restocking willingness, and overall trading 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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