Supply-demand weakness on both sides, sluggish performance in the spot market [SMM North China Spot Copper]

Published: Feb 25, 2026 11:19

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Spot prices of #1 copper cathode against the front-month contract in North China today were at a discount of 460-400 yuan/mt, with an average discount of 430 yuan/mt, down 320 yuan/mt from the previous trading day. Transaction prices were 101,510-102,120 yuan/mt, with an average of 101,815 yuan/mt, up 680 yuan/mt from the previous trading day.

SMM Feb. 25:

In North China today, spot #1 copper cathode against the front-month contract was at a discount of 460-400 yuan/mt, with an average discount of 430 yuan/mt, down 320 yuan/mt from the previous trading day. Transaction prices were 101,510-102,120 yuan/mt, with an average price of 101,815 yuan/mt, up 680 yuan/mt from the previous trading day. On the supply side, suppliers' pressure to liquidate eased, and some cargoes moved south. On the demand side, due to higher copper prices and some enterprises not yet resuming operations, demand remained weak. Trading activity in the spot market was sluggish today. In North China today, the procurement sentiment for copper cathode was 1.07, down 0.02 from the previous trading day, while the shipment sentiment was 1.23, down 0.35 from the previous trading day ().

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