As delivery date approaches, market supply decreases and premiums rebound [SMM North China Spot Copper]

Published: Jun 10, 2026 11:30

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In North China today, spot #1 copper cathode against the front-month contract was reported at an average discount of 280-180 yuan/mt, with the average discount at 230 yuan/mt, up 10 yuan/mt from the previous trading day. The average transaction price was 103,810 yuan/mt, down 115 yuan/mt from the previous trading day.

SMM June 10:

In north China, #1 copper cathode spot prices against the front-month contract were reported at an average discount of 280 yuan/mt to 180 yuan/mt, with the midpoint discount at 230 yuan/mt, up 10 yuan/mt from the previous session. The average transaction price was 103,810 yuan/mt, down 115 yuan/mt from the previous session. With the delivery date approaching, many cargoes from the north were shipped to east China or to execute long-term contracts, leading to a recent recovery in spot premiums. However, inventory digestion progress at downstream processing enterprises remained slow, leaving market transactions mediocre. Today, copper cathode procurement sentiment in north China was 2.15, up 0.04 from the previous session, and shipment sentiment was 1.75, down 0.08 ().

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