Wait-and-See Sentiment Among Downstream Buyers Increased, and Spot Premiums Pulled Back [SMM North China Spot Copper]

Published: Mar 20, 2026 11:23

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Spot #1 copper cathode in North China was quoted at discounts of 60 yuan/mt to parity against the front-month contract today. The average premium/discount fell by 30 yuan/mt from the previous trading day, and the average transaction price rose by 195 yuan/mt from the previous trading day to 95,840 yuan/mt.

SMM News, March 20:

Today, spot #1 copper cathode in North China was quoted at a discount of 60 yuan/mt to parity against the front-month contract, with the average premiums down 30 yuan/mt from the previous trading day. The average transaction price was 95,840 yuan/mt, up 195 yuan/mt from the previous trading day. Due to sharp fluctuations in copper prices, downstream players adopted a wait-and-see sentiment, buying interest cooled, and spot premiums pulled back. Today, the purchasing sentiment for copper cathode in North China was 2.91, down 0.46 from the previous trading day, while shipment sentiment was 2.91, up 0.03 from the previous trading day ().

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