Copper prices rose and suppressed demand, spot price first rose then fell [SMM Shandong Spot Copper Cathode Weekly Review]

Published: Jul 23, 2026 11:39

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Spot copper premiums in Shandong trended higher before pulling back this week. As of Thursday, the average spot price was reported at a premium of 130 yuan/mt. Early in the week, social inventory of copper cathode continued destocking, coupled with tight spot cargo circulation within the province, driving Shandong spot prices sharply higher in tandem with the Shanghai market. During the week, the average spot price reached a high of 245 yuan/mt. However, by the week’s end, copper prices surged, stoking downstream fear of high prices and significantly suppressing procurement demand, leading spot prices to continue pulling back from elevated levels. This week, end-user purchase willingness fell to a freezing point; even as suppliers proactively lowered their quotes and offered discounts to move cargo, market transactions showed no notable improvement. Looking ahead to next week, amid the off-season for demand and expectations for high copper prices, demand will remain dominated by long-term contract fulfillment, and spot prices in the Shandong region are expected to face downward pressure.

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