Weak Downstream Purchase Willingness, Spot Premiums Under Sustained Pressure [SMM North China Spot Copper]

Published: May 14, 2026 11:35

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Today, #1 copper cathode spot prices in North China against the front-month contract were reported at an average discount of 270 yuan/mt to a discount of 170 yuan/mt, with the average discount of 220 yuan/mt down 10 yuan/mt from the previous trading day. The average transaction price was 107,210 yuan/mt, down 1,115 yuan/mt from the previous trading day.

SMM May 14 update:

Today, #1 copper cathode spot prices against the front-month contract in North China were reported at a discount of 270 yuan/mt to a discount of 170 yuan/mt, with the average discount of 220 yuan/mt down 10 yuan/mt from the previous trading day, and the average transaction price at 107,210 yuan/mt, down 1,115 yuan/mt from the previous trading day. Although futures pulled back during the day, copper prices remained at high levels that were difficult for downstream buyers to accept. Suppliers faced shipment pressure, and spot premiums were under pressure. Today, the copper cathode procurement sentiment in North China was 1.52, up 0.01 from the previous trading day, and the shipment sentiment was 2.36, up 0.03 from the previous trading day ().

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