Sharp Drop in Copper Prices Left Downstream Buyers Wary of High Levels, and Market Wait-and-See Sentiment Gradually Strengthened [SMM North China Spot Copper]

Published: Mar 23, 2026 11:17

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Spot prices for #1 copper cathode in North China against the front-month contract averaged a discount of 30 yuan/mt today, unchanged from the previous trading day. The average transaction price was 92,840 yuan/mt, down 3,000 yuan/mt from the previous trading day.

SMM News, March 23:

Today, spot #1 copper cathode in North China was quoted at an average discount of 30 yuan/mt against the front-month contract, unchanged from the previous trading day, while the average transaction price was 92,840 yuan/mt, down 3,000 yuan/mt from the previous trading day. Copper prices fell sharply again, triggering fear of high prices among downstream buyers. Market wait-and-see sentiment grew stronger, and as the quarter-end period approached, spot premiums showed a trend of coming under pressure. Today, copper cathode procurement sentiment in North China was 2.68, down 0.23 from the previous trading day, while shipments sentiment was 2.77, down 0.14 from the previous trading day ().

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