Weak Consumption and Downstream Wait-and-See Sentiment Keep Spot Copper Premiums and Discounts Under Pressure [SMM North China Spot Copper]

Published: Jan 27, 2026 11:27

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Today in North China, spot prices of #1 copper cathode against the front-month contract were at a discount of 520–400 yuan/mt, with an average discount of 460 yuan/mt, down 30 yuan/mt from the previous trading day. Transaction prices ranged from 100,930 to 101,420 yuan/mt, with an average of 101,175 yuan/mt, down 1,060 yuan/mt from the previous trading day.

SMM Jan. 27:

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 520-400 yuan/mt, with the average discount at 460 yuan/mt, down 30 yuan/mt from the previous trading day. Transaction prices were 100,930-101,420 yuan/mt, with the average price at 101,175 yuan/mt, down 1,060 yuan/mt from the previous trading day. Copper prices pulled back today, and amid weak consumption, downstream buyers showed fear of high prices and adopted a wait-and-see stance, while spot premiums/discounts continued to weaken. In North China today, the procurement sentiment for copper cathode was 1.38, down 0.07 from the previous trading day, while the sales sentiment was 1.51, down 0.17 from the previous trading day ().

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