Spot copper prices surged sharply on June 3, 2026, with Yangtze spot #1 copper jumping 720
yuan/ton and breaking through the 106,000 yuan/ton mark. Domestic SHFE copper futures rallied
strongly in tandem, while LME copper edged down slightly after hitting a two-week high. Aluminum
prices also rebounded across the board, presenting a clear pattern of strong domestic vs. weak
overseas, synchronized rebound in copper and aluminum.
Latest Data:
Yangtze #1 Copper: RMB 106,660/ton, +720
Bare Copper Wire (Oxygen-Free, Hard): RMB 107,820/ton, +720
Enameled Wire: RMB 111,930/ton, +720
Yangtze A00 Aluminum: RMB 24,460/ton, +130
Guangdong #1 Copper: RMB 106,640/ton, +690
Guangdong A00 Aluminum: RMB 24,310/ton, +120
LME Copper: USD 13,972/ton, -67
SHFE 2606 Front-Month Contract: RMB 106,650/ton, +610
SHFE 2607 Main Contract: RMB 106,800/ton, +810
Market View:
Spot copper prices rebounded strongly with a 720 yuan/ton gain, ending the previous correction
phase and returning to above 106,000 yuan/ton. Domestic SHFE copper futures rose even more
sharply, with the main contract surging 810 yuan/ton, driven by capital inflows and positive sentiment.
LME copper dipped 67 dollars/ton due to profit-taking after hitting $14,056/ton, but remained at a
historically high level. The market is now dominated by "tariff trade" expectations ahead of the US
decision on copper import tariffs by June 30. Aluminum prices followed copper higher, supported by
improved market sentiment.
Industry Note:
Copper price volatility remains elevated, with the market highly sensitive to US tariff news.
Downstream procurement has picked up marginally as rigid demand emerges, but buyers
remain cautious about high prices and avoid large-scale stockpiling. Aluminum prices
rebounded after excessive declines, but high domestic inventories still limit upside.
Meanwhile, vigilance is required against sharp corrections if US tariff expectations fail
to materialize.
Chatnow Insight:
We will maintain stable supply and transparent pricing, adjusting quotes flexibly based on
real-time market fluctuations to help our customers manage procurement costs effectively
amid high volatility.