Copper Prices Pull Back, Demand Improves, and Market Activity Recovers [SMM North China Spot Copper]

Published: Jan 21, 2026 11:20

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Today in North China, spot prices of #1 copper cathode against the front-month contract were at a discount of 450-330 yuan/mt, with an average discount of 390 yuan/mt, up 10 yuan/mt from the previous trading day. Transaction prices ranged from 99,650-100,050 yuan/mt, with an average price of 99,850 yuan/mt, down 625 yuan/mt from the previous trading day.

SMM January 21:

In North China today, spot #1 copper cathode prices against the front-month contract were at a discount of 450-330 yuan/mt, with an average discount of 390 yuan/mt, up 10 yuan/mt from the previous trading day. Transaction prices were 99,650-100,050 yuan/mt, with an average of 99,850 yuan/mt, down 625 yuan/mt from the previous trading day. As copper prices continued to pull back, downstream buyers replenished stocks as inventories gradually declined, but enterprises still exhibited wait-and-see sentiment. Overall, market activity saw some improvement. Today in North China, the procurement sentiment for copper cathode was 1.51, up 0.18 from the previous trading day, while the sales sentiment was 1.65, down 0.02 from the previous trading day ().

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