Copper Prices Fell in Early Trading, Stimulating Downstream Restocking Sentiment, Spot Premiums/Discounts Rose [SMM North China Spot Copper]

Published: Feb 6, 2026 11:27

Save

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 320-160 yuan/mt, averaging a discount of 240 yuan/mt, up 90 yuan/mt from the previous trading day. Transaction prices ranged from 98,380-100,270 yuan/mt, with the average price at 99,325 yuan/mt, down 1,555 yuan/mt from the previous trading day.

SMM Feb. 6:

Spot premiums for #1 copper cathode against the front-month contract in north China were at discounts of 320-160 yuan/mt today, averaging a discount of 240 yuan/mt, up 90 yuan/mt from the previous trading day. Transaction prices ranged from 98,380-100,270 yuan/mt, averaging 99,325 yuan/mt, down 1,555 yuan/mt from the previous trading day. Lower copper prices in the early session spurred downstream restocking sentiment, but with the Chinese New Year approaching, logistics in north China were relatively tight, prompting suppliers to hold spot premiums firm. Today, the procurement sentiment for copper cathode in north China was 2.47, up 0.48 from the previous trading day, while the sales sentiment was 1.66, up 0.21 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

1 hour ago

Copper Prices Rise as Supply Tightens, Market Shifts to Premium Ahead of Chinese New Year

Looking ahead to next week, the intraday decline in copper prices has stimulated downstream restocking, and combined with concentrated demand on Friday amid tightening spot supply, the market has shifted from a discount to a premium, significantly strengthening suppliers' price-holding sentiment. However, some price-ratio-locked import cargoes are expected to arrive, potentially increasing short-term supply. Concurrently, as downstream enterprises gradually enter a holiday rhythm—with most major players having completed pre-holiday stockpiling—actual procurement demand is likely to soften.

1 hour ago

Trading was sluggish for spot copper during the day, with overall transactions limited [SMM Yangshan spot copper]

1 hour ago

Operating rates of brass billet producers edged down to 46.4% this week and are expected to fall below 41% next week [SMM Brass Billet Market Weekly Review]

1 hour ago