Copper Price Decline Activated Some Buying, Shanghai Spot Copper Premiums Remained Under Pressure

Published: May 18, 2026 12:53

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Intraday SHFE copper prices edged down, effectively activating some downstream buying interest. According to SMM, orders at some downstream processing enterprises increased by approximately 30% compared to the previous trading day, with part of the transactions concentrated around 103,500 yuan/mt, indicating that current price levels still held certain appeal for end-users. Inventory side, SMM data showed that social inventory in the Shanghai region was recorded at 181,800 mt, down 2,800 mt WoW from last Thursday; inventory in the Jiangsu region was 38,100 mt, up slightly by 1,200 mt WoW from last Thursday. Overall, a mild destocking trend was observed, with inventory pressure easing marginally. Market performance side, supplier offers were basically stable, and the transaction center showed no significant downward shift. Overall, supported by demand release stimulated by copper price pullbacks and mild destocking, spot prices against the SHFE copper 2606 contract are expected to remain at a discount tomorrow, continuing a generally stable trend.

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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[SMM Shanghai Spot Copper] Looking ahead to tomorrow, SMM records Shanghai social inventory at 122,400 mt, down 4,100 mt WoW, and Jiangsu social inventory at 36,000 mt, down 200 mt WoW. Consecutive destocking pushed the center of Shanghai spot copper premiums higher. The tight supply-side pattern remains unchanged, lending strong support to spot premiums. After low-priced supply was quickly absorbed during the day, available spot cargoes in the market turned tight, and suppliers were resolute in holding prices firm. Overall, driven by inventory destocking, suppliers' firm pricing, and downstream demand resilience, Shanghai spot copper prices against the 2607 contract are expected to stay at a premium tomorrow, with the overall center possibly edging up slightly.

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