Copper Prices Surged with Weak Consumption, Suppliers Actively Adjusted Prices for Shipments [SMM South China Spot Copper]

Published: May 11, 2026 11:42

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SMM May 11 News:

Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 260 yuan/mt, down 30 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 190 yuan/mt, down 30 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 120 yuan/mt, down 30 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,355 yuan/mt, up 1,385 yuan/mt from the previous trading day, and the average price of SX-EW copper was 104,325 yuan/mt, up 1,395 yuan/mt from the previous trading day.

Spot market: Upon return from the weekend, Guangdong inventory continued to decline, mainly due to fewer arrivals and increased shipments. Although inventory decreased slightly, downstream restocking enthusiasm was poor after copper prices surged significantly, and suppliers had to lower premiums to facilitate shipments. Even so, market trading remained sluggish, with overall transactions being lackluster. Guangdong copper cathode procurement sentiment was 2.31, down 0.14 from the previous trading day, and shipment sentiment was 3.1, down 0.1 from the previous trading day (historical data can be accessed via the database).

Overall, copper prices surged sharply while consumption remained weak. Suppliers proactively lowered prices to facilitate shipments, and overall trading was lackluster.

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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