US Nonfarm Payrolls exceeded expectations, the US dollar index surged, copper prices fell under pressure, and spot discounts narrowed.

Published: Jun 8, 2026 09:47

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[SMM Shanghai Spot Copper] Last Friday (June 5), US May non-farm payrolls data significantly exceeded expectations, and March and April non-farm payrolls data were revised up. Market expectations for a US Fed rate hike within the year intensified, lifting the US dollar index back above the 100 mark and exerting significant downward pressure on copper prices. According to SMM, after the decline in copper prices, end-user dip-buying sentiment improved, with active price fixing. Meanwhile, suppliers' willingness to sell at low prices weakened. Today, the Shanghai spot copper discount narrowed noticeably from earlier levels; orders increased markedly from last Friday, and overall market trading activity picked up. Currently, domestic standard-quality copper is offered at a discount of 40 yuan/mt to 20 yuan/mt, while non-registered copper is offered at a discount of 270 yuan/mt to 220 yuan/mt.

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