Spot copper prices pulled back sharply on April 28, 2026, falling below the 103,000 yuan/ton mark after hitting
a record high last week. Domestic SHFE copper futures declined in tandem, while LME copper also retreated
from its recent multi-month high. The market presented a clear pattern of simultaneous correction in both
copper and aluminum, with domestic spot and futures markets moving lower in unison.
Latest Data:
Yangtze #1 Copper: RMB 102,150/ton, -830
Bare Copper (Oxygen-Free): RMB 103,310/ton, -830
Enameled Wire: RMB 107,420/ton, -830
Guangdong #1 Copper: RMB 102,080/ton, -810
LME Copper: USD 13,226.5/ton, -83
SHFE 2604 Contract: Final delivery settlement price RMB 101,630/ton (expired April 15, no active trading)
SHFE 2605 Front-Month Contract: RMB 102,050/ton, -780
SHFE 2606 Main Contract: RMB 102,210/ton, -710
Market View:
Spot copper prices corrected sharply in the day, retreating from the all-time high set last week and falling back to the 102,000 yuan/ton level. Domestic futures followed suit and declined, with profit-taking dominating the market sentiment. LME copper also pulled back overnight, ending its previous upward trend and entering a consolidation phase at high levels.
Industry Note:
Extreme volatility in copper prices persists, with daily swings exceeding 800 yuan becoming common. Downstream procurement costs remain at historically elevated levels, and buyers remain extremely cautious, adopting a "wait-and-see" attitude and only purchasing for immediate rigid demand. Meanwhile, heightened vigilance is required against the risk of further sharp corrections amid the high-level consolidation.
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.