Copper Prices Rebound Amid Dual Decline in Supply and Demand, Market Activity Cools Down [SMM North China Spot Copper]

Published: Feb 4, 2026 11:23

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Spot prices of #1 copper cathode against the front-month contract in North China today were at a discount of 420–300 yuan/mt, with an average discount of 360 yuan/mt, up 10 yuan/mt from the previous trading day. Transaction prices ranged from 103,530 to 104,760 yuan/mt, with an average of 104,145 yuan/mt, up 3,075 yuan/mt from the previous trading day.

SMM Feb. 4:

In North China today, spot #1 copper cathode against the front-month contract was at a discount of 420-300 yuan/mt, with an average discount of 360 yuan/mt, up 10 yuan/mt from the previous trading day. Transaction prices were 103,530-104,760 yuan/mt, with an average price of 104,145 yuan/mt, up 3,075 yuan/mt from the previous trading day. As copper prices rebounded, downstream purchasing sentiment was dampened again, and some supplies from the north continued to flow south. Both supply and demand in the market declined, and trading activity cooled compared with yesterday. Purchasing sentiment for copper cathode in North China today was 1.63, down 0.31 from the previous trading day, while selling sentiment was 1.42, down 0.09 from the previous trading day ().

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