Spot copper prices rallied sharply and held steady above the 100,000 yuan/ton mark on April 20, 2026,
approaching the all-time high set earlier this month. Domestic SHFE copper futures moved higher in
lockstep, while LME copper traded sideways with a mild pullback at historically elevated levels. The
market presented a clear pattern of strong copper and weak aluminum, with domestic spot and
futures markets rising in tandem.
Latest Data:
Yangtze #1 Copper: RMB 102,980/ton, +820
Bare Copper (Oxygen-Free): RMB 104,140/ton, +820
Enameled Wire: RMB 108,250/ton, +820
Guangdong #1 Copper: RMB 102,990/ton, +840
LME Copper: USD 13,323/ton, -26
SHFE 2604 Contract: Final delivery settlement price RMB 101,630/ton (contract expired on April 15, 2026, no
active trading on the day)
SHFE 2605 Front-Month Contract: RMB 102,790/ton, +750
Market View:
Spot copper prices surged sharply in the day, holding firmly above the 103,000 yuan/ton threshold and
approaching the historical record. Domestic futures strengthened simultaneously, with the main SHFE
copper contract hitting a new contract high. LME copper maintained its historically high level despite
a mild intraday pullback.
Industry Note:
High-level volatility in copper prices persists, with large daily price swings remaining the norm. Procurement
costs for downstream end-users stay at an elevated level, and buyers remain generally cautious, focusing only
on rigid demand with low willingness for speculative stockpiling. Meanwhile, vigilance is required against the
risk of a sharp correction amid the ultra-high price range.
Chatnow Insight:
We will maintain stable supply and consistent pricing for our customers, and buffer the impact of severe raw material price fluctuations to the greatest extent.