Futures drift lower, spot discounts recover [SMM North China spot copper]

Published: Oct 15, 2026 11:31 (GMT+8)

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Spot copper in North China was quoted at a discount of 170-70 yuan/mt against the front-month contract, with an average discount of 120 yuan/mt, up 205 yuan/mt from the previous trading day. The average transaction price was 110,295 yuan/mt, down 930 yuan/mt from the previous trading day.

SMM, October 15:

Today, spot prices of #1 copper cathode in North China against the front-month contract were reported at a discount of 170-70 yuan/mt, with an average discount of 120 yuan/mt, up 205 yuan/mt from the previous trading day. The average transaction price was 110,295 yuan/mt, down 930 yuan/mt from the previous trading day. Futures drifted lower, and with contract rollover due to delivery, downstream purchase willingness rebounded somewhat, with demand recovering at the margin. Suppliers' willingness to sell eased slightly, and market trading activity picked up, driving a recovery in spot discounts for North China. Today, the purchase sentiment for copper cathode in North China was 2.02, up 0.13 from the previous trading day, while the selling sentiment was 2.87, down 0.05 from the previous trading day. ().

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