Futures Edge Lower, End-Users on the Sidelines; At Month Start, Holding Prices Firm Keeps Spot Discounts Stable [SMM North China Spot Copper]

Published: Jul 1, 2026 11:48

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Today in North China, spot #1 copper cathode against the front-month contract was reported at an average discount of 170 yuan/mt to 110 yuan/mt, with an average discount of 140 yuan/mt, unchanged from the previous trading day. The average transaction price was 102,060 yuan/mt, down 250 yuan/mt from the previous trading day.

SMM July 1:

Today, in North China, #1 copper cathode spot prices against the front-month contract were reported at an average discount of 170 yuan/mt to 110 yuan/mt, with an average discount of 140 yuan/mt, unchanged from the previous trading day. The average transaction price was 102,060 yuan/mt, down 250 yuan/mt from the previous trading day. Although futures weakened slightly, downstream purchase willingness was weak, and the market overall was in a wait-and-see mode. Early in the month, suppliers' sentiment to hold prices firm increased, and spot discounts remained stable. The purchase sentiment for copper cathode in North China today was 2.43, an increase of 0.02 from the previous trading day, while the shipment sentiment was 2.51, a decrease of 0.04 ( ).

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