Copper prices and price spread between futures contracts both strengthen, spot discounts in North China widen [SMM North China spot copper]

Published: Sep 9, 2026 11:26

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Spot copper cathode (#1) in North China was quoted at a discount of 90 yuan/mt to parity against the front-month contract today, with an average discount of 45 yuan/mt, down 25 yuan/mt from the previous trading day. The average transaction price was 111,375 yuan/mt, up 305 yuan/mt from the previous trading day.

SMM News on September 9:

Today, in North China, spot #1 copper cathode prices against the front-month contract were quoted at a discount of 90 yuan/mt to parity, with the average discount at 45 yuan/mt, down 25 yuan/mt from the previous trading day. The average transaction price was 111,375 yuan/mt, up 305 yuan/mt from the previous trading day. Futures stayed high; under the dual impact of high copper prices and a wide price spread between futures contracts, overall market sentiment was subdued, and downstream buyers remained on the sidelines. Suppliers’ willingness to sell rose but the pace slowed, spot premiums in North China moved further lower, and market activity continued to weaken. Today, the copper cathode purchasing sentiment in North China was 1.24, down 0.02 from the previous trading day, while the willingness to sell sentiment was 2.77, up 0.01 from the previous trading day. ().

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