Copper Prices Pull Back with Limited Demand Recovery, Spot Premiums/Discounts Continue to Decline [SMM North China Spot Copper]

Published: Jan 8, 2026 11:28

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In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 480-320 yuan/mt, with an average discount of 400 yuan/mt, down 40 yuan/mt from the previous trading day. Transaction prices ranged from 101,170 to 102,330 yuan/mt, with an average of 101,750 yuan/mt, down 1,350 yuan/mt from the previous trading day.

SMM Jan. 8:

In North China today, spot #1 copper cathode prices against the front-month contract were at a discount of 480-320 yuan/mt, with an average discount of 400 yuan/mt, down 40 yuan/mt from the previous trading day. Transaction prices were 101,170-102,330 yuan/mt, with an average of 101,750 yuan/mt, down 1,350 yuan/mt from the previous trading day. Copper prices pulled back today, and downstream buyers mostly continued to wait and see, resulting in limited overall improvement in restocking sentiment. Suppliers continued to lower prices to secure transactions. In North China today, the purchasing sentiment for copper cathode was 1.17, up 0.14 from the previous trading day, while the selling sentiment was 1.34, up 0.12 from the previous trading day ().

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