Downstream Procurement Increased, Suppliers Held Prices Firm to Sell [SMM South China Spot Copper]

Published: Jun 5, 2026 11:31

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SMM June 5 update:

Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 50 yuan/mt, up 20 yuan/mt from the previous trading day; standard-quality copper was quoted at a discount of 20 yuan/mt, up 10 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 70 yuan/mt, up 10 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 105,335 yuan/mt, down 65 yuan/mt from the previous trading day, and the average price of SX-EW copper was 105,250 yuan/mt, down 70 yuan/mt from the previous trading day.

Spot market: Guangdong inventory continued to decline today, marking four consecutive days of decline, mainly driven by fewer arrivals and recovering consumption. As the weekend approached and copper prices did not continue to rise, downstream buyers increased procurement volume on dips. Suppliers held prices firm at 10 yuan/mt and sold, with overall trading activity better than the previous day. The procurement sentiment for copper cathode in Guangdong was 1.55, up 0.04 from the previous trading day, and the selling sentiment was 2.83, up 0.01 from the previous trading day (historical data can be accessed via the database).

Overall, downstream procurement increased, suppliers held prices firm while selling, and spot premiums edged up.

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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