SHFE Copper Hits New High, Spot Market Sluggish with Transactions Falling to Discounts [SMM Shanghai Spot Copper]

Published: Jan 6, 2026 13:58

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[SMM Shanghai Spot Copper] Tomorrow, spot copper prices are expected to continue to suppress consumption, and transactions are likely to remain at a discount. However, with the delivery date approaching, market purchases will be closely watched.

SMM January 6 News:

Today, SMM's #1 copper cathode spot prices against the current month 2601 contract were quoted at a discount of 100 yuan/mt to a premium of 60 yuan/mt, with the average price quoted at a discount of 20 yuan/mt, down 55 yuan/mt from the previous trading day; SMM #1 copper cathode prices were 103,170-104,160 yuan/mt. In the morning session, the SHFE copper 2601 contract rose from 102,880 yuan/mt to above 104,100 yuan/mt, before slightly paring gains.

In the morning, suppliers quoted standard-quality copper at a premium of 50-100 yuan/mt, but quickly adjusted prices. In Changzhou, suppliers such as Yuguang and Jinchuan ISA were the first to adjust prices to a discount of 50 yuan/mt, with some transactions concluded. High-quality copper, such as Jinchuan (plate), traded at parity to a premium of 60 yuan/mt. Entering the second trading session, transactions became difficult, with slow trading at a discount of 100-70 yuan/mt. Non-registered supplies again fell to a discount of over 200 yuan/mt.

Looking ahead to tomorrow, high copper prices are expected to continue suppressing consumption, and spot transactions are likely to continue at a discount. However, with the approach of the delivery date, market purchasing activity will be closely watched.

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