Tight Supply Coupled With a Recovery in Rigid Demand Lifted Spot Premiums for North China Copper Cathode During the Week [SMM North China Spot Copper Cathode Weekly Review]

Published: Aug 28, 2026 09:21

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North China: as of this Thursday, premiums were 100–240 yuan/mt, with an average premium of 170 yuan/mt, up 45 yuan/mt WoW from last Thursday. This week, available spot cargo in the market gradually tightened, and suppliers’ sentiment to hold prices firm and hold back from selling became evident, with willingness to sell somewhat retreating. Meanwhile, downstream purchase willingness recovered, and the release of rigid demand drove some improvement in market trading. Under the combined effects on both the supply and demand sides, spot premiums for North China copper cathode edged up slightly. The fundamentals of weak demand in the off-season did not materially change. Looking ahead, large-scale restocking by end-users was unlikely to occur in the short term. Spot premiums for North China copper cathode were expected to remain dominated by rigid-demand transactions next week, with trading activity weakening slightly.

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