Downstream rigid demand restocking, spot premiums/discounts under pressure [SMM North China spot copper]

Published: Jan 20, 2026 11:25

Save

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 450-350 yuan/mt, with an average discount of 400 yuan/mt, down 10 yuan/mt from the previous trading day. Transaction prices ranged from 100,100 to 100,850 yuan/mt, with an average of 100,475 yuan/mt, down 195 yuan/mt from the previous trading day.

SMM January 20 News:

Today in North China, spot prices of #1 copper cathode against the front-month contract were at a discount of 450-350 yuan/mt, with an average discount of 400 yuan/mt, down 10 yuan/mt from the previous trading day. Transaction prices ranged from 100,100 to 100,850 yuan/mt, with an average of 100,475 yuan/mt, down 195 yuan/mt from the previous trading day. After copper prices pulled back, market demand recovered slightly but remained limited. Downstream users conducted necessary restocking, while spot premiums/discounts remained under pressure. Today in North China, the purchasing sentiment for copper cathode was 1.33, up 0.05 from the previous trading day, and the selling sentiment was 1.67, up 0.12 from the previous trading day ().

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

53 mins ago

Uncertainty Still Surrounds the Situation in the Middle East, the Most-Traded BC Copper Contract Closed Down 0.05% [SMM BC Copper Commentary]

53 mins ago

2 hours ago

Data: SHFE, DCE market movement (Apr 03)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 03 Apr , 2026

2 hours ago

Cautious Procurement and Slow Pickup Pace Lead to Stable Copper Cathode Rod Operating Rates

【SMM Copper Cathode Rod Flash Update】Inventory side, affected by higher copper prices, enterprises became more cautious in raw material procurement, and raw material inventory pulled back; downstream pick-up pace was relatively slow, with enterprises basically balancing production and sales, and finished product inventories edging down slightly. Next week, the operating rate of copper cathode rod enterprises is expected to be stable with a slight decline, and SMM expects the operating rate to pull back MoM to 82.58%.

2 hours ago