Weak consumption prompts downstream buyers to make just-in-time procurement, spot premiums/discounts weaken [SMM North China Spot Copper]

Published: Oct 22, 2025 11:17

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Spot prices of #1 copper cathode in North China against the front-month contract were at a discount of 200-120 yuan/mt today, with an average discount of 160 yuan/mt, down 10 yuan/mt from the previous trading day. Transaction prices ranged from 84,650 to 84,880 yuan/mt, with an average of 84,765 yuan/mt, down 765 yuan/mt from the previous trading day.

SMM October 22:

Today, spot #1 copper cathode prices in North China against the front-month contract were at a discount of 200-120 yuan/mt, with an average discount of 160 yuan/mt, down 10 yuan/mt from the previous trading day. Transaction prices ranged from 84,650-84,880 yuan/mt, with an average of 84,765 yuan/mt, down 765 yuan/mt from the previous trading day. Copper prices pulled back today, and downstream buyers made just-in-time procurement. However, as enterprise inventory digestion was slow and overall market participants maintained a strong wait-and-see attitude, activity in the spot market remained sluggish. Procurement sentiment for copper cathode in North China today was 1.27, up 0.06 from the previous trading day, while sales sentiment was 1.35, up 0.06 from the previous trading day ().

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