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

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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 ().

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