Market purchasing sentiment cools, and suppliers’ holding back from selling underpins a firmer contango [SMM North China Spot Copper]

Published: Jun 26, 2026 11:49

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In North China, spot #1 copper cathode was quoted at an average discount of 170 yuan/mt to 110 yuan/mt against the front-month contract, with an average discount of 140 yuan/mt, up 30 yuan/mt from the previous trading day. The average transaction price was 101,435 yuan/mt, up 495 yuan/mt from the previous trading day.

SMM, June 26:

Today, the spot #1 copper cathode in North China against the front-month contract was quoted at an average discount of 170-110 yuan/mt, with an average discount of 140 yuan/mt, up 30 yuan/mt from the previous trading day. The average transaction price was 101,435 yuan/mt, up 495 yuan/mt from the previous trading day. The futures market saw limited fluctuations today, and downstream procurement returned to a wait-and-see stance. However, tight supply in the market, combined with the month-end period, strengthened suppliers' willingness to hold prices firm, driving spot discounts to narrow further. The purchase sentiment for copper cathode in North China today was 2.51, down 0.21 from the previous trading day, and the selling sentiment was 2.42, down 0.27.

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