Supply Recovery, Off-season Demand Weighs on Premiums [SMM Shandong Copper Cathode Spot Weekly Review]

Published: Jul 31, 2026 11:38

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This week, spot copper premiums in Shandong remained stable. As of Thursday, the average spot price was quoted at a premium of 90 yuan/mt. During the week, copper prices stayed high, downstream demand remained sluggish, and market transactions were dominated by long-term contracts with limited scattered spot trades. Looking ahead to next week, maintenance at smelters in the province will conclude and regional spot supply will recover. However, the end-use market remains in the off-season, and Shandong spot prices are expected to have some downside room.

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