Spot copper prices corrected sharply from all-time highs on May 14, 2026, ending a six-day winning streak
and pulling back below the 107,740 yuan/ton mark. Domestic SHFE copper futures declined in tandem, while
LME copper held firm near its historic peak with a marginal pullback. The market presented a clear pattern
of copper profit-taking correction and aluminum's resilient rebound, with domestic markets weakening
and overseas markets remaining elevated.
Latest Data:
Yangtze #1 Copper: RMB 107,740/ton, -1,060
Bare Copper (Oxygen-Free): RMB 108,790/ton, -1,060
Enameled Wire: RMB 113,010/ton, -1,060
Guangdong #1 Copper: RMB 107,700/ton, -1,130
LME Copper: USD 14,153/ton, -17
SHFE 2604 Contract: Final delivery settlement price RMB 101,630/ton (expired April 15, no active trading)
SHFE 2605 Front-Month Contract: RMB 107,420/ton, -1,160
SHFE 2606 Main Contract: RMB 107,350/ton, -764
Market View:
Spot copper prices retreated sharply from yesterday's record high, ending six consecutive days of gains
and falling back to the 107,740 yuan/ton level. Domestic SHFE copper futures followed suit and declined,
with concentrated profit-taking dominating market sentiment after the historic surge. LME copper
maintained its record-high valuation despite a mild overnight pullback, supported by persistent global
supply tightness. The market has entered a high-level consolidation phase following excessive bullishness.
Industry Note:
Extreme volatility in copper prices persists, with daily swings exceeding 1,000 yuan becoming routine.
Downstream procurement costs remain at unprecedented historical highs, and buyers stay highly
cautious, only fulfilling urgent rigid demand with zero speculative stockpiling. Meanwhile, heightened
vigilance is required against deeper corrections amid overbought conditions at record price levels.