Ample Supply amid the Semi-Annual Report Period, Downstream Caution Flattens Spot Discounts [SMM North China Spot Copper]

Published: Jun 29, 2026 11:20

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Today, spot #1 copper cathode in North China against the front-month contract was quoted at an average discount of 170 yuan/mt to 110 yuan/mt, with the average discount at 140 yuan/mt, unchanged from the previous trading day. The transaction prices averaged 102,310 yuan/mt, an increase of 875 yuan/mt from the previous trading day.

SMM, June 29:

Today, in North China, the spot #1 copper cathode against the front-month contract was reported at an average discount of 170-110 yuan/mt, with the average discount at 140 yuan/mt, unchanged from the previous trading day. The average transaction price was 102,310 yuan/mt, up 875 yuan/mt from the previous trading day. Intraday futures price fluctuations were relatively small, and downstream purchase willingness was weak. At the semi-annual report period, suppliers had shipment needs, while end-user purchasing enthusiasm was insufficient. The market largely held a wait-and-see sentiment, and spot discounts remained stable. Today, the North China copper cathode purchase sentiment index was 2.47, down 0.04 from the previous trading day, and the shipment sentiment index was 2.51, up 0.09 from the previous trading day ().

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