Procurement sentiment continues to decline, with weak demand dragging down spot premiums [SMM North China spot copper]

Published: Jul 23, 2026 11:49

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Today, spot #1 copper cathode in North China against the front-month contract was quoted at premiums of 80 yuan/mt to 130 yuan/mt, with an average premium of 105 yuan/mt, down 55 yuan/mt from the previous trading day. The average transaction price was 106,270 yuan/mt, down 140 yuan/mt from the previous trading day.

SMM July 23 News:

Today, spot premiums for #1 copper cathode in North China against the front-month contract averaged between 80 yuan/mt and 130 yuan/mt, with an average premium of 105 yuan/mt, down 55 yuan/mt from the previous trading day. The average transaction price was 106,270 yuan/mt, a decline of 140 yuan/mt from the previous trading day. Futures moved sideways within a narrow range, end-use demand remained sluggish, downstream processing enterprises showed limited willingness to produce, and procurement sentiment weakened further. Suppliers' willingness to sell improved somewhat, but the lack of buying interest from end-users led to further weakening of spot premiums in North China. The procurement sentiment index for copper cathode in North China stood at 1.51, down 0.13 from the previous trading day, while the sales sentiment index was 2.78, up 0.09 from the previous trading day ().

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