Supply-Demand Imbalance Improves, Spot Premiums/Discounts Rise [SMM North China Spot Copper]

Published: Feb 3, 2026 11:19

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Spot prices of #1 copper cathode in North China against the front-month contract were at a discount of 440–300 yuan/mt today, with an average discount of 370 yuan/mt, up 20 yuan/mt from the previous trading day. Transaction prices ranged from 100,240 to 101,900 yuan/mt, with an average of 101,070 yuan/mt, up 870 yuan/mt from the previous trading day.

SMM February 3 News:

In north China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 440-300 yuan/mt, with an average discount of 370 yuan/mt, up 20 yuan/mt from the previous trading day. Transaction prices ranged from 100,240-101,900 yuan/mt, with an average of 101,070 yuan/mt, up 870 yuan/mt from the previous trading day. After copper prices plummeted yesterday, downstream consumers concentrated on restocking. However, as copper prices rebounded this morning and climbed back above the 100,000 yuan/mt threshold, market demand cooled somewhat. Supply side, cargoes from north China continued to be shipped to south China recently. The overall market supply-demand imbalance improved, and spot premiums/discounts showed an upward trend. In north China today, the procurement sentiment for copper cathode was 1.94, up 0.06 from the previous trading day, while the sales sentiment was 1.51, down 0.13 from the previous trading day ().

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