Inventory Decline Resumed, Stimulating Premium Increase, but End-Users Maintained Purchasing as Needed [SMM South China Spot Copper]

Published: May 8, 2026 11:38

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SMM May 8:

Guangdong #1 copper cathode spot prices against the front-month contract today: high-quality copper was quoted at 290 yuan/mt, up 20 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 220 yuan/mt, up 30 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 140 yuan/mt, up 30 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 102,970 yuan/mt, down 55 yuan/mt from the previous trading day; the average price of SX-EW copper was 102,865 yuan/mt, down 50 yuan/mt from the previous trading day.

Spot market: Guangdong inventory declined again, mainly due to fewer arrivals and increased shipments. The inventory decline prompted suppliers to hold prices firm while shipping, pushing premiums higher today. However, facing higher premiums, buyers showed limited enthusiasm for restocking and only purchased as needed. Additionally, it is worth noting that the post-holiday trading atmosphere remained poor, enterprises still faced restrictions on invoicing, and market activity was weak. Today, the purchasing sentiment for copper cathode in Guangdong was 2.45, up 0.02 from the previous trading day, while the shipment sentiment was 3.2, down 0.05 from the previous trading day (historical data can be accessed via the database).

Overall, the inventory decline drove premiums higher, but end-users maintained purchasing as needed, and overall trading activity remained subdued.

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