Copper prices fell, boosting downstream demand, market activity showed signs of recovery [SMM North China spot copper]

Published: Feb 2, 2026 11:29

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In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 450-330 yuan/mt, with an average discount of 390 yuan/mt, up 50 yuan/mt from the previous trading day. Transaction prices ranged from 99,610 to 100,790 yuan/mt, with an average of 100,200 yuan/mt, down 3,920 yuan/mt from the previous trading day.

SMM February 2 News:

Today, in North China, spot premiums/discounts for #1 copper cathode against the front-month contract were at a discount of 450 yuan/mt to 330 yuan/mt, averaging a discount of 390 yuan/mt, up 50 yuan/mt from the previous trading day. Transaction prices ranged from 99,610 to 100,790 yuan/mt, averaging 100,200 yuan/mt, down 3,920 yuan/mt from the previous trading day. As copper prices pulled back significantly, downstream restocking sentiment received some boost, and spot market activity recovered today. However, due to recent high volatility, some enterprises remained cautious and adopted a wait-and-see attitude. Today, procurement sentiment for copper cathode in North China was 1.88, up 0.76 from the previous trading day, while sales sentiment was 1.64, up 0.17 from the previous trading day ().

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