Today, the average spot price of #1 copper cathode in North China was reported at a discount of 60 yuan/mt against the front-month contract, down 120 yuan/mt from the previous trading day. The average transaction price was 100,260 yuan/mt, up 1,135 yuan/mt from the previous trading day.

SMM News, March 12: Today in Guangdong, spot #1 copper cathode against the front-month contract was quoted at a premium of 30 yuan/mt for high-quality copper, down 20 yuan/mt from yesterday; standard-quality copper was quoted at a discount of 80 yuan/mt, down 70 yuan/mt from yesterday; and SX-EW copper was quoted at a discount of 140 yuan/mt, down 55 yuan/mt from yesterday. The average price of #1 copper cathode in Guangdong was 100,255 yuan/mt, up 1,300 yuan/mt from the previous trading day, while the average price of SX-EW copper was 100,140 yuan/mt, up 1,290 yuan/mt from the previous trading day. Spot market: After Guangdong inventory rose slightly for only one day yesterday, it declined again today, mainly due to fewer arrivals and increased warehouse withdrawals. As inventory fell, suppliers took the opportunity to hold prices firm and make shipments, but downstream processing enterprises showed only average restocking sentiment today. On the one hand, copper prices posted a relatively large gain; on the other hand, premiums also rose sharply. However, traders' purchase willingness increased from yesterday, and overall trading sentiment improved after the contract rollover. Today, purchasing sentiment for copper cathode in Guangdong was 2.43, up 0.11 from the previous trading day, while shipment sentiment was 3.26, up 0.25 from the previous trading day (historical data is available in the database). Overall, market trading sentiment improved after the contract rollover. Attention should be paid to inventory changes tomorrow. If destocking continues, premiums are expected to keep rising.

As of March 17, the operating rate of 50 electric-furnace steel mills nationwide mainly producing construction materials was 38.64%, up 3.26% WoW; the capacity utilization rate was 39.87%, up 10.53% WoW; and daily average production of construction materials was 88,800 mt, up 23,500 mt WoW.

Solid-state batteries were a hot topic at the 2026 Two Sessions, where delegates noted that the industry is at a critical inflection point, moving from “samples” to “products.”

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,751/mt and dipped to $12,743/mt at the start of the session. Thereafter, the center of copper prices gradually moved higher and, near the close, touched a high of $12,940/mt, before finally closing at $12,918.5/mt, up 1.44. Trading volume reached 19,700 lots, and open interest stood at 302,000 lots, down 5,166 lots from the previous trading day, mainly due to bears reducing positions. Overnight, the most-traded SHFE copper 2604 contract opened at 100,020 yuan/mt and hit a low of 99,820 yuan/mt at the start of the session. It then fluctuated upward to 100,420 yuan/mt, followed by wide swings, and finally closed at 100,190 yuan/mt, up 0.58. Trading volume reached 274,000 lots, and open interest stood at 190,000 lots, down 3,315 lots from the previous trading day, mainly due to bears reducing positions.

Since March 4, 2026, secondary copper rod has shifted to a premium of 200-400 yuan/mt against the most-traded futures contract. Meanwhile, the price difference between copper cathode rod and secondary copper rod narrowed sharply from around 1,200 yuan/mt to about 300 yuan/mt