Logistics Tensions Prompt Suppliers to Hold Prices Firm, Spot Premiums/Discounts Rise [SMM North China Spot Copper]

Published: Feb 5, 2026 11:32

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In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 400-260 yuan/mt, averaging a discount of 330 yuan/mt, up 30 yuan/mt from the previous trading day. Transaction prices ranged from 99,960-101,800 yuan/mt, with the average price at 100,880 yuan/mt, down 3,265 yuan/mt from the previous trading day.

SMM Feb. 5:

Today in North China, spot prices of #1 copper cathode against the front-month contract were at a discount of 400-260 yuan/mt, with the average discount at 330 yuan/mt, up 30 yuan/mt from the previous trading day. Transaction prices ranged from 99,960-101,800 yuan/mt, and the average price was 100,880 yuan/mt, down 3,265 yuan/mt from the previous trading day. As the Chinese New Year holiday approaches and copper prices weakened today, downstream users restocked, boosting market activity. However, due to some supplies from the north moving south and tight logistics, suppliers held prices firm, pushing spot premiums/discounts higher. Today in North China, the purchasing sentiment for copper cathode was 1.99, up 0.36 from the previous trading day, while the selling sentiment was 1.45, up 0.03 from the previous trading day ().

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