North China spot copper cathode discounts rise, supply is tight, suppliers hold prices firm, and rigid demand provides a floor [SMM North China Copper Spot]

Published: Jul 2, 2026 11:37

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In North China, spot #1 copper cathode against the front-month contract was reported at an average discount of 160 yuan/mt to 80 yuan/mt, with the average discount at 120 yuan/mt, up 20 yuan/mt from the previous trading day, and the average transaction price was 102,230 yuan/mt, up 330 yuan/mt from the previous trading day.

SMM July 2:

Today, in North China, spot prices of #1 copper cathode against the front-month contract reported average discounts ranging from 160 yuan/mt to 80 yuan/mt, with the average discount at 120 yuan/mt, up 20 yuan/mt from the previous trading day. The average transaction price was 102,230 yuan/mt, up 330 yuan/mt from the previous trading day. Downstream users made just-in-time procurement only, with demand remaining stable overall; market supply was tight, and suppliers held prices firm, driving up spot discounts. Today, the procurement sentiment for copper cathode in North China was 2.44, up 0.01 from the previous trading day, and the shipments sentiment was 2.48, down 0.03 ().

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