Rigid-Demand Restocking Drives Purchasing Recovery, Spot Premiums in North China Continue to Rise [SMM North China Spot Copper]

Published: Jul 20, 2026 11:29

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Today, the spot #1 copper cathode in North China was quoted at a premium of 100–220 yuan/mt against the front-month contract, with an average premium of 160 yuan/mt, up 40 yuan/mt from the previous trading day, and the average transaction price was 104,245 yuan/mt, up 440 yuan/mt from the previous trading day.

SMM, July 20:

Spot #1 copper cathode in North China against the front-month contract traded at an average premium of 100–220 yuan/mt today, with the average premium of 160 yuan/mt up 40 yuan/mt from the prior trading day. The average transaction price reached 104,245 yuan/mt, up 440 yuan/mt day-on-day. Pent-up rigid demand, accumulated earlier as downstream users maintained a cautious, wait-and-see stance over an extended period, was released in a concentrated manner. Terminal procurement willingness edged up modestly today. Suppliers’ willingness to sell rose in tandem, but tight available spot supply in the market pushed North China spot premiums further higher. The copper cathode procurement sentiment index in North China today came in at 1.85, up 0.12 from the prior trading day, while the shipment sentiment index stood at 2.56, up 0.02 ().

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