End-User Purchasing Enthusiasm Weakens, Tight Supply Pushes Up North China Spot Discounts [SMM North China Spot Copper]

Published: Jul 6, 2026 11:53

Save

In North China today, spot #1 copper cathode against the front-month contract was quoted at discounts of 120-60 yuan/mt, with an average discount of 90 yuan/mt, up 10 yuan/mt from the previous trading day. The average transaction price was 103,080 yuan/mt, up 165 yuan/mt from the previous trading day.

SMM, July 6 –

In North China today, spot #1 copper cathode prices against the front-month contract were reported at an average discount of 120 yuan/mt to 60 yuan/mt, with the average discount at 90 yuan/mt, up 10 yuan/mt from the previous trading day. The average transaction price was 103,080 yuan/mt, up 165 yuan/mt from the previous trading day. Futures edged up slightly, while downstream purchasing enthusiasm noticeably weakened, with only small amounts of restocking for essential needs. However, spot material supply in the market was relatively tight, strengthening suppliers' willingness to hold prices firm and driving spot discounts to narrow further; but overall market trading activity cooled down. In North China today, the copper cathode purchasing sentiment was at 2.39 (down 0.06 from the previous trading day), and the selling sentiment was at 2.46 (down 0.02) ().

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

47 mins ago

Copper Prices Weaken, Secondary Copper Rod Enterprises' Purchase Willingness Flat [SMM Secondary Copper Daily Review]

47 mins ago

1 hour ago

Copper Social Inventory Down Significantly WoW, Supply Tightening Sustains Inventory Downtrend [SMM Weekly Data]

1 hour ago

2 hours ago

Inventory destocking coupled with demand resilience, Shanghai spot copper premiums strengthen steadily [SMM Shanghai spot copper]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, SMM records Shanghai social inventory at 122,400 mt, down 4,100 mt WoW, and Jiangsu social inventory at 36,000 mt, down 200 mt WoW. Consecutive destocking pushed the center of Shanghai spot copper premiums higher. The tight supply-side pattern remains unchanged, lending strong support to spot premiums. After low-priced supply was quickly absorbed during the day, available spot cargoes in the market turned tight, and suppliers were resolute in holding prices firm. Overall, driven by inventory destocking, suppliers' firm pricing, and downstream demand resilience, Shanghai spot copper prices against the 2607 contract are expected to stay at a premium tomorrow, with the overall center possibly edging up slightly.

2 hours ago