Inventory rises for 6th straight session, consumption weak; spot premiums decline [SMM South China Copper Spot]

Published: Jun 26, 2026 11:33

Save

SMM June 26:

Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper quoted at 70 yuan/mt, down 20 yuan/mt from the previous trading day; standard-quality copper quoted at a premium of 10 yuan/mt, down 10 yuan/mt; and SX-EW copper quoted at a discount of 50 yuan/mt, down 10 yuan/mt. The average price of Guangdong #1 copper cathode was 101,785 yuan/mt, up 645 yuan/mt from the previous trading day, while the average price of SX-EW copper was 101,695 yuan/mt, up 650 yuan/mt.

Spot market: Guangdong inventory increased for the sixth consecutive day, driven mainly by rising arrivals and weak consumption. As copper prices rebounded and the mid-year settlement approached, end-user restocking interest declined, and some suppliers actively lowered prices to sell. Standard-quality copper dropped to a discount of 10 yuan/mt at one point before slightly rebounding to a premium of 10 yuan/mt. Today, Guangdong's copper cathode purchasing sentiment was 2.7, down 0.09 from the previous trading day, and selling sentiment was 2.90, up 0.01 (historical data can be accessed via the database query).

Overall, inventory rose for the sixth straight day amid soft consumption, spot premiums edged lower, and 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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

28 mins ago

Data: SHFE, DCE market movement (Jun 26)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 26 Jun , 2026

28 mins ago

38 mins ago

Copper Inventories in China See Mixed Trends Amid Price Pullback

【SMM Copper Inventory Alert】Copper cathode inventories in mainstream regions across China accumulated slightly MoM. In the Shanghai market, the pullback in copper prices boosted downstream purchasing, causing inventories to shift from an increase to a decrease; in Jiangsu, the pullback in copper prices drove a recovery in end-use demand, and inventories declined in tandem; in Guangdong, mid-year downstream consumption slowed down, and smelters increased shipments into warehouses, resulting in a continued inventory buildup in the region.

38 mins ago

54 mins ago

Hawkish Fed Meets Geopolitical Cooling, Copper Prices Pull Back to Seven-Week Low [SMM Macro Weekly Review]

54 mins ago