Downstream Buyers Took a Wait-and-See Approach Amid Surging Copper Prices, Spot Cargo Trading Activity Remained Weak [SMM North China Spot Copper]

Published: May 12, 2026 11:42

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Today, #1 copper cathode spot prices in North China against the front-month contract were reported at an average discount of 250 yuan/mt to a discount of 130 yuan/mt, with the average discount of 190 yuan/mt down 10 yuan/mt from the previous trading day. The average transaction price was 106,535 yuan/mt, up 2,450 yuan/mt from the previous trading day.

SMM May 12:

Today, spot #1 copper cathode prices in North China against the front-month contract were reported at a discount of 250 yuan/mt to a discount of 130 yuan/mt, with the average discount of 190 yuan/mt down 10 yuan/mt from the previous trading day, and the average transaction price at 106,535 yuan/mt, up 2,450 yuan/mt from the previous trading day. Copper prices surged again, and downstream wait-and-see sentiment intensified as consumption was impacted. Spot premiums remained under pressure, and trading activity was relatively subdued. The purchasing sentiment for copper cathode in North China was 1.84 today, down 0.18 from the previous trading day, while the shipments sentiment was 2.38, down 0.19 from the previous trading day ().

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