Significant Inventory Increase and Weak Consumption Were the Main Causes, Spot Premiums Declined Notably [SMM South China Spot Copper]

Published: Jun 1, 2026 11:39

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SMM June 1 News:

Guangdong #1 copper cathode spot prices against the front-month contract today: high-quality copper was quoted at a premium of 70 yuan/mt, down 40 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 0 yuan/mt, down 40 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 70 yuan/mt, down 40 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,845 yuan/mt, down 170 yuan/mt from the previous trading day, and the average price of SX-EW copper was 104,740 yuan/mt, down 170 yuan/mt from the previous trading day.

Spot market: Upon return from the weekend, Guangdong inventory saw a significant increase, mainly because nearby smelters resumed normal production after maintenance ended and downstream consumption remained weak. Affected by this, suppliers actively lowered prices to push shipments in the early session. Although standard-quality copper had already dropped to parity, overall trading activity remained lackluster. Guangdong copper cathode purchasing sentiment today was 1.53, up 0.12 from the previous trading day, and shipments sentiment was 2.68, up 0.14 from the previous trading day (historical data can be accessed via the database).

Overall, the significant increase in inventory and weak consumption were the main drivers, and spot premiums declined notably.

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