Downstream Just-in-time Procurement Spot Premiums/Discounts Rebound [SMM North China Spot Copper]

Published: Mar 2, 2026 11:20

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In North China, #1 copper cathode spot prices against the front-month contract ranged from a discount of 480 to 320 yuan/mt, with an average discount of 400 yuan/mt, up 60 yuan/mt from the previous trading day. The transaction price was 101,690-102,390 yuan/mt, with an average of 102,040 yuan/mt, up 260 yuan/mt from the previous trading day.

SMM March 2 report:

Today, the average discount of #1 copper cathode spot prices against the front-month contract in North China was 400 yuan/mt, up 60 yuan/mt from the previous trading day. The average transaction price was 102,040 yuan/mt, an increase of 260 yuan/mt from the previous trading day. Entering March, suppliers' inventory pressure eased, and after the Lantern Festival, downstream buyers mostly resumed operations and made just-in-time procurement, leading to a rebound in spot premiums and discounts. Today, the purchasing sentiment for copper cathode in North China was 1.96, up 0.51 from the previous trading day, and the shipping sentiment was 1.77, up 0.12 from the previous trading day ().

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