Price spread between futures contracts constrains spot copper performance; futures weaken while discounts hold steady [SMM North China spot copper]

Published: Sep 11, 2026 11:46

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Spot copper cathode in North China was quoted at a discount of 130-50 yuan/mt against the front-month contract today, with an average discount of 90 yuan/mt, unchanged from the previous trading day. The average transaction price was 109,165 yuan/mt, down 3,155 yuan/mt from the previous trading day.

SMM, September 11:

In North China today, spot copper cathode against the front-month contract was quoted at a discount of 130-50 yuan/mt, with an average discount of 90 yuan/mt, unchanged from the previous trading day. The average transaction price was 109,165 yuan/mt, down 3,155 yuan/mt from the previous trading day. Futures pulled back sharply, but dragged by the wide price spread between futures contracts, downstream players largely stayed on the sidelines, with only sporadic need-based deals as the market awaited the end of delivery. Suppliers' willingness to sell edged up, and market activity recovered slightly. However, constrained by the wide spread, spot premiums in North China remained stable. Today, the procurement sentiment for copper cathode in North China was 1.21, up 0.02 from the previous trading day, while the selling sentiment was 2.77, up 0.02 from the previous trading day. ().

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