Copper & Aluminum Index - January 29, 2026

Electrolytic Copper: On January 28, data from a Mysteel survey of 56 domestic electrolytic copper trading companies (including smelters, traders, and downstream processors) showed that spot trading volume reached 26,000 tons. This represents a decrease of 8,000 tons or 3.02% from the previous day. With copper prices stabilizing in a sideways range, downstream buying demand remained relatively subdued. As month-end approaches, the high premium for nearby contracts (contango) has reduced some holders' willingness to sell at large discounts, leading to a contraction in daily trading volume. Looking ahead, while holders may be less eager to sell, market consumption also faces constraints. However, the persistent high premium for nearby contracts and the imminent delivery month may prompt some traders to purchase, potentially leading to a recovery in the spot premium/discount.

Recycled Copper: Copper prices edged higher yesterday, but trading volume in the scrap copper market was limited. Upstream traders showed limited willingness to build inventories before the holiday, opting instead to sell at current price highs to lock in profits. Downstream manufacturers maintained a strategy of purchasing according to need, resulting in a clear divergence in overall transactions, with most material flowing to manufacturers offering price advantages.

Copper Rod: On January 28, data from a Mysteel survey of 31 domestic copper rod producers (including refined and recycled copper rod plants, with a combined annual capacity of 6.01 million tons) and 6 traders indicated that total copper rod orders reached 8,400 tons. This represents a decrease of 900 tons or 9.27% from the previous day.

Refined Copper Rod orders were 6,600 tons, down 600 tons or 8.01%.

Recycled Copper Rod orders were 1,800 tons, down 300 tons or 13.72%.
The actual transaction price ranged from 100,900-101,000 RMB/ton ex-works to 101,000-101,200 RMB/ton delivered. Trading in the refined copper rod market was generally dampened by the approaching holiday, with soft demand across the board. Recycled copper rod enterprises focused on completing existing production orders and collecting payments before the holiday, showing little interest in new orders, resulting in weak market activity.

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