Increased Market Supply, Spot Premiums Lack Upward Momentum [SMM North China Spot Copper]

Published: May 20, 2026 11:19

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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 300 yuan/mt to a discount of 200 yuan/mt, with the average discount of 250 yuan/mt unchanged from the previous trading day. The average transaction price was 103,095 yuan/mt, down 980 yuan/mt from the previous trading day.

SMM May 20:

Today, #1 copper cathode spot prices in North China against the front-month contract were reported at a discount of 300 yuan/mt to a discount of 200 yuan/mt, with the average discount of 250 yuan/mt unchanged from the previous trading day. The average transaction price was 103,095 yuan/mt, down 980 yuan/mt from the previous trading day. As copper prices continued to pull back, downstream restocking sentiment was somewhat boosted. However, entering the second half of this month, supply increased across northern regions including North China, Shandong, and Northeast China, putting spot premiums under pressure. Today, the procurement sentiment for copper cathode in North China was 2.01, up 0.19 from the previous trading day, while the shipments sentiment was 2.22, down 0.23 from the previous trading day ().

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