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

Published: Jul 6, 2026 11:53

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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) ().

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