Inventory continues to decline, suppliers sharply hold prices firm while selling, spot premiums surge [SMM South China Spot Copper]

Published: Jun 9, 2026 11:30

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SMM June 9 News:

Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper at a premium of 110 yuan/mt, up 50 yuan/mt from the previous trading day, standard-quality copper at a premium of 70 yuan/mt, up 80 yuan/mt from the previous trading day, and SX-EW copper at a premium of 10 yuan/mt, up 70 yuan/mt from the previous trading day. Guangdong #1 copper cathode average price was 104,275 yuan/mt, up 330 yuan/mt from the previous trading day, while SX-EW copper average price was 104,195 yuan/mt, up 335 yuan/mt from the previous trading day.

Spot market: Guangdong inventory continued to decline, marking six consecutive declines, as arrivals kept decreasing and downstream restocking increased after copper prices pulled back. With inventory falling, suppliers held prices firm and sold aggressively, causing premiums to rise significantly. As there were no lower premiums, downstream users had to purchase at high prices, resulting in moderate overall trading. Guangdong copper cathode purchasing sentiment was 1.91, up 0.18 from the previous trading day, and selling sentiment was 3.02, up 0.08 from the previous trading day (historical data can be queried through the database).

Overall, with inventory continuing to decline, suppliers held prices firm and sold, leading to a surge in spot premiums.

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