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

Published: Jan 20, 2026 11:25

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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 ().

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