Copper Prices Fell in Early Trading, Stimulating Downstream Restocking Sentiment, Spot Premiums/Discounts Rose [SMM North China Spot Copper]

Published: Feb 6, 2026 11:27

Save

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 320-160 yuan/mt, averaging a discount of 240 yuan/mt, up 90 yuan/mt from the previous trading day. Transaction prices ranged from 98,380-100,270 yuan/mt, with the average price at 99,325 yuan/mt, down 1,555 yuan/mt from the previous trading day.

SMM Feb. 6:

Spot premiums for #1 copper cathode against the front-month contract in north China were at discounts of 320-160 yuan/mt today, averaging a discount of 240 yuan/mt, up 90 yuan/mt from the previous trading day. Transaction prices ranged from 98,380-100,270 yuan/mt, averaging 99,325 yuan/mt, down 1,555 yuan/mt from the previous trading day. Lower copper prices in the early session spurred downstream restocking sentiment, but with the Chinese New Year approaching, logistics in north China were relatively tight, prompting suppliers to hold spot premiums firm. Today, the procurement sentiment for copper cathode in north China was 2.47, up 0.48 from the previous trading day, while the sales sentiment was 1.66, up 0.21 from the previous trading day ().

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 to learn 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

12 mins ago

Peru Released December Copper Export Data; Overnight, Both LME Copper and SHFE Copper Closed Lower [SMM Copper Morning Meeting Summary]

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,044/mt. It touched a high of $13,063.5/mt in early trading, then the center moved lower to a low of $12,929/mt, and finally closed at $12,948.5/mt, down 0.77%. Trading volume came in at 17,000 lots, down 235 lots from the previous trading day; open interest stood at 304,000 lots, up 279 lots from the previous trading day, mainly reflecting an increase in bears' positions overall. Overnight, the most-traded SHFE copper 2604 contract opened at 101,240 yuan/mt. It touched a high of 101,240 yuan/mt at the open, then the center moved lower to a low of 100,560 yuan/mt, and finally closed at 100,860 yuan/mt, down 0.15%. Trading volume came in at 26,000 lots, down 62,000 lots from the previous trading day; open interest stood at 189,000 lots, down 3,320 lots from the previous trading day, mainly reflecting a reduction in bulls' positions overall.

12 mins ago

14 hours ago

Operating Rate of SMM Scrap-Derived Copper Anode Producers 58.81%

[SMM Copper Anode] After the holiday, scrap-derived copper anode producers in China had all resumed normal operations. From March 6 to March 12, the operating rate of SMM scrap-derived copper anode producers was 58.81%, up 10.43 percentage points MoM. As the price difference between primary metal and scrap narrowed and copper anode RCs remained high, the operating rate is expected to fall to 58.72% next week.

14 hours ago

16 hours ago

Yukun Materials' Phase II Recycled Copper Ingot Project Nears Completion, Aims for 100,000 Tons Annual Capacity

At the Phase II construction site of Yukun Materials Technology Co., Ltd.'s recycled copper ingot project, it can be seen that the main structure of the plant has been completed. The entire project is expected to be fully finished in the second quarter. With a total investment of 1.08 billion yuan for Phase II, the annual production capacity of recycled copper ingots is projected to reach 100,000 tons once it reaches full operation.

16 hours ago