Copper, originally a common industrial raw material, has recently been thrust into the spotlight as a publicly held asset for portfolio allocation.

The hype came quickly. A 1000-gram metal bar, packaged, engraved, numbered, and accompanied by a certificate, is now displayed on counters and in livestream rooms, looking very much like a precious metal. Many people placing orders aren’t necessarily set on making a big profit; instead, they simply feel more secure having a bit more of the physical product in hand.

Meanwhile, in Shenzhen’s Shuibei area, the talk of a “sales ban” on copper bars has struck a nerve, precisely because it exposes the weakest link in this frenzy. Those who just placed their orders now have to face the harsh reality: it’s easy to buy in, but hard to cash out.

This distorted craze isn’t because copper has suddenly become scarce, but rather because people are searching for a sense of security.

On January 22, 2026, SMM listed the average spot price of Yangtze 1# copper at 100,410 yuan per ton, and the daily price of Shanghai Futures Exchange copper fluctuated in a similar range. However, when these numbers are repeated over and over in livestreams, emotion can easily override calculation. Many people don’t really understand the scale of trading “by the ton,” and are instead drawn to the retail-friendly 1000-gram bar format.

Low Barrier, High Emotion

The reason copper bars have made their way into so many shopping carts is precisely because of the illusion of a low entry barrier.

According to various sources, the most popular copper bar specification on the market is 1000 grams, with retail prices once fluctuating between 180 and 299 yuan, before dropping significantly as regulations tightened and enthusiasm cooled.

Unlike precious metals, copper bars don’t require lengthy deliberation; buying one feels more like a low-risk consumer decision, and the very act of testing the waters creates a sense of participation.

As the largest gold and jewelry industry cluster in China—and even globally—Shenzhen’s Shuibei area is not just a rumored hotspot for copper bars. Robust demand has translated into real transaction data, with some merchants shipping out hundreds of bars per day and cumulative short-term sales exceeding a thousand bars.

This wave of enthusiasm has also reshaped price dynamics. The retail price of copper bars aimed at the general public has stabilized in the 200–280 yuan range, while bulk buyers can enjoy channel prices as low as 165 yuan. This simultaneous rise in both volume and price has made daily shipments at the “ton level” the norm for leading players.

For ordinary consumers, the main draw is no longer the “ton level” itself, but rather the fact that so many others are buying in, creating a subtle sense of reassurance—almost as if the more people buy, the more reliable the whole thing seems.

The impact of the craze on consumers isn’t about profit or loss, but rather how emotional influences reshape their spending behavior. The anxiety over investing in precious metals finds temporary relief, often leading to even stronger self-reinforcement. Especially with the various persuasive tactics used in short videos and livestreams, ordinary users are made to feel an even greater sense of urgency.

When rumors emerged that Shuibei was tightening controls on the sale of copper bars, consumer sentiment intensified further, making “being able to buy” feel like a rare opportunity.

As sales channels shift from offline to online and into private domains, the sense of participation for ordinary consumers has subtly changed. This brings a mixed experience: on one hand, there’s the thrill of bypassing traditional procedures and dealing directly with suppliers; on the other, there’s an unspoken fear—not just about price fluctuations, but also about the lack of transparency and uncertainty that can arise from the private nature of the entire transaction chain.

Close to Scrap Copper Prices

Copper bars are called “investment products,” but the real trouble for consumers isn’t price volatility—it’s how to exit the investment. Many people ask a very practical question before placing an order: “Who will buy it from me later?” However, when this question requires repeated consideration, the risk is already embedded in the impulsive purchase.

When “only selling, not buying back” becomes a common phrase in the copper bar investment world, and sellers clearly state that recycling requires finding other channels, the reality for consumers is that the end point of copper bar investment may be nothing more than the scrap yard.

The copper bars bought for investment often have to be cashed out at scrap copper prices, which is understandably disappointing. There was a saying circulating in the Shuibei market: a 1000-gram copper bar sells for about 180 yuan, but the recycling price is only around 80 yuan, much closer to the price of scrap copper. This price gap means that, for consumers, the loss happens naturally, regardless of copper price trends. In fact, as soon as a buyer tries to sell, the “scrap copper price” reality is immediately confirmed. At this point, the consumer’s emotions can shift from feeling secure to anxious and helpless in an instant.

What was thought to be a “gold bar for the common man” turns out to be a cheap “precious metal.” From the perspective of the copper industry chain, the cost structure of copper bars has long determined that they cannot replicate the trading value of precious metal investment products.

Public information shows that, after conversion, the raw material cost of bulk copper is about 100 yuan per kilogram. After processing and packaging, the cost rises to 120-130 yuan, and the retail price is inevitably higher. Therefore, when retail copper bars are marketed as investments, with the added appeal of being attractive, giftable, and shareable online, plus the premium from livestreams, the final purchase price for consumers is far removed from the raw material value. It increasingly resembles an emotional “social currency” rather than a standardized investment asset.

Although the consensus within the industry is that the price of scrap copper has become the standard for copper bar recycling, what truly exhausts consumers is their own unwillingness to accept reality. This emotional burden doesn’t stop after purchase—it only grows. Every time copper prices fluctuate, emotions rise and fall: there’s the fear of missing out when prices go up, regret when they fall, and anxiety about not being able to sell when cash flow is needed. The longer you hold onto copper bars, the heavier this emotional weight becomes. While it may not cause immediate losses, it slowly erodes one’s patience and sense of security.

“Guaranteed Profit”？

Even though cashing out is almost a dead end, for consumers who are still unaware, the real danger in the copper bar investment craze isn’t just the act of “buying and selling,” but rather the promises attached to these transactions. Once you hear terms like “custody,” “trust management,” “buyback,” or “fixed returns,” the transaction is no longer a simple commodity trade—it takes on a financial nature, becoming a disguised matchmaking of funds, where ordinary people can easily get hurt.

Investing in copper bars carries risks that are fundamentally different from those of precious metals. As an industrial metal, copper’s price is more closely tied to the real economy than to safe-haven sentiment. But when someone promises consumers “guaranteed profit,” everything changes. These real-world challenges are often downplayed, and people buy copper bars simply because they look like “metal bars,” without realizing they’ve underestimated the total cost of holding and exiting the investment.

What’s even more significant is that “copper” in the industrial sector and “copper bars” in the retail market operate under two completely different sets of rules. The former is a highly standardized bulk commodity, with a focus on grade, futures delivery, and large-scale trading; the latter emphasizes packaging design, appearance, and emotional value.

The scale of the two markets is also on entirely different levels. According to the Ministry of Industry and Information Technology, in 2024, China’s output of refined copper and copper processed materials ranked first in the world, at approximately 13.64 million tons and 23.5 million tons, respectively. Such massive industrial scale means that copper’s fundamental pricing is always rooted in global industrial demand and macroeconomic cycles. The retail enthusiasm of buying and selling copper bars for a few hundred yuan each can hardly shake the pricing foundation built on tens of millions of tons of supply and demand.

Of course, there is indeed long-term demand driving the market, and this huge demand makes “copper is important” a seemingly ironclad value proposition in the copper bar investment arena. However, this demand and importance do not mean that copper bars are suitable for ordinary people to hold.

Therefore, when discussing the popularity and logic behind investing in copper bars, it’s not about market fluctuations, but whether any sellers have crossed the line. As long as there are sellers offering guarantees like “guaranteed profit,” “buyback at any time,” or “managed for interest,” consumers can easily shift from buying for “peace of mind” to “staking a sum of money.” However, once disputes arise during the cash-out process, the harm is often more than just a poor investment decision—it’s a real reflection of the vague rules around copper bar trading and the sense of security consumers seek.

The copper bar craze is essentially a collective test of people’s sense of security. It’s neither mysterious nor complicated. It happens when emotions need an outlet, when short videos ignite herd mentality, and when standardized bulk commodities are compressed into 1,000-gram bars and added to shopping carts.