SHFE copper spot offers continued to decline, with the market discount widening [SMM Shanghai spot copper]

Published: Jan 8, 2026 14:14

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[SMM Shanghai Spot Copper] Tomorrow, spot copper is expected to continue trading at a discount, but with the approaching delivery date, market purchases will be closely watched.

SMM January 8 News:

Today, SMM's #1 copper cathode spot prices against the current month 2601 contract were quoted at a discount of 180 yuan/mt to a premium of 50 yuan/mt, with the average price at a discount of 65 yuan/mt, down 15 yuan/mt from the previous trading day; SMM's #1 copper cathode prices were 101,470-102,700 yuan/mt. In the morning session, the SHFE copper 2601 contract first rose and then fell, opening at 101,600 yuan/mt and continuing to climb to a high of 102,750 yuan/mt, before declining steadily and testing below 101,500 yuan/mt twice, closing at 101,730 yuan/mt. The contango spread between nearby contracts ranged from 110 yuan/mt to 200 yuan/mt, while import losses for the current month's SHFE copper contract were between 550-800 yuan/mt.

In the morning, suppliers quoted standard-quality copper at a discount of 120-50 yuan/mt, then adjusted prices, with Yuguang and Dajiang HS lowering to a discount of 140 yuan/mt, and high-quality copper Jinchuan (plate) decreasing from a premium of 150 yuan/mt to 90 yuan/mt. Downstream buyers countered offers noticeably, and discounts continued to widen. In the second session, transaction prices fell collectively by 40 yuan/mt compared to the quoted prices.

Looking ahead to tomorrow, spot prices are expected to continue trading at a discount, but with the approach of the delivery date, market purchasing activity will be closely watched.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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