Futures pulled back, prompting end-user restocking, while buying and selling sentiment recovered and discounts held steady [SMM North China spot copper]

Published: Jun 23, 2026 11:46

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In North China, spot #1 copper cathode against the front-month contract was quoted at discounts of 250-150 yuan/mt, with an average discount of 200 yuan/mt, unchanged from the previous trading day. The average transaction price was 103,980 yuan/mt, down 375 yuan/mt from the previous trading day.

SMM June 23 News:

Today, in North China, #1 copper cathode spot prices against the front-month contract were reported at an average discount of 250 yuan/mt to a discount of 150 yuan/mt, with the average discount of 200 yuan/mt unchanged from the previous trading day, and the average transaction price was 103,980 yuan/mt, down 375 yuan/mt from the previous trading day. The pullback in futures copper prices today led to a slight recovery in downstream purchase willingness, coupled with the approach of month-end, suppliers' sentiment to hold prices firm loosened and their selling willingness increased, while spot premiums remained stable. Today, the purchase sentiment for copper cathode in North China was 2.19, up 0.02 from the previous trading day, and the selling sentiment was 2.13, up 0.05 from the previous trading day ().

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