Copper prices and inventory both declined, overall trading was slightly better than last Friday [SMM South China Spot Copper]

Published: Jun 8, 2026 11:27

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SMM, June 8:

Guangdong #1 copper cathode spot against the front-month contract: high-quality copper was quoted at a premium of 60 yuan/mt, up 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a discount of 10 yuan/mt, up 10 yuan/mt; and SX-EW copper was quoted at a discount of 60 yuan/mt, up 10 yuan/mt. The average price of Guangdong #1 copper cathode was 103,945 yuan/mt, down 1,390 yuan/mt from the previous trading day, and the average price of SX-EW copper was 103,860 yuan/mt, down 1,390 yuan/mt.

Spot market: Guangdong inventory continued to decline today, marking the fifth consecutive day of decline, mainly due to still-low arrivals and recovering consumption. Copper prices and inventory both declined. Suppliers took the initiative to hold prices firm and sell. Spot premiums rose but with limited gains, as downstream players remained bearish on copper prices and were reluctant to replenish stocks. Guangdong's copper cathode procurement sentiment stood at 1.73 today, up 0.18 from the previous trading day, and shipment sentiment stood at 2.94, up 0.11 (historical data can be accessed via the database).

Overall, copper prices and inventory both declined, suppliers held prices firm and sold, and overall trading was slightly better than last Friday.

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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