Copper Prices Pulled Back Significantly as Downstream Began Restocking, Overall Trading Improved [SMM South China Spot Copper]

Published: Jun 4, 2026 11:31

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SMM June 4 News:

Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at 30 yuan/mt, unchanged from the previous trading day; standard-quality copper was quoted at a discount of 30 yuan/mt, up 10 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 80 yuan/mt, up 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 105,400 yuan/mt, down 1,280 yuan/mt from the previous trading day; the average price of SX-EW copper was 105,320 yuan/mt, down 1,265 yuan/mt from the previous trading day.

Spot market: Guangdong inventory continued to edge down today, with fewer arrivals remaining the main reason. Copper prices finally declined, end-users began restocking, and suppliers held prices firm while selling, with overall trading activity better than yesterday. Today in Guangdong, the copper cathode purchasing sentiment was 1.51, up 0.19 from the previous trading day, and the shipments sentiment was 2.82, up 0.04 from the previous trading day (historical data can be accessed via the database).

Overall, copper prices pulled back significantly, downstream began restocking, and overall trading activity improved.

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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