Consumption Demand Recovered, Spot Discounts Continued to Narrow [SMM North China Spot Copper]

Published: Mar 5, 2026 11:15

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Today, the average spot prices of #1 copper cathode in North China against the front-month contract were at a discount of 280 yuan/mt, up 20 yuan/mt from the previous trading day, while the average transaction price was 101,300 yuan/mt, down 40 yuan/mt from the previous trading day.

SMM News on March 5:

Today, the average spot discounts of #1 copper cathode against the front-month contract in North China stood at 280 yuan/mt, up 20 yuan/mt from the previous trading day, while the average transaction price was 101,300 yuan/mt, down 40 yuan/mt from the previous trading day. As end-use demand recovered, the substitution effect of secondary copper weakened, and the operating rate of copper cathode processing enterprises rose, supporting further narrowing of spot discounts. Today, the procurement sentiment for copper cathode in North China was 2.89, up 0.04 from the previous trading day, while the shipments sentiment was 2.49, down 0.03 from the previous trading day ().

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