Wider price spread between futures contracts drags down purchases; spot discounts in North China expand [SMM North China spot copper]

Published: Sep 14, 2026 11:14

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In North China today, spot #1 copper cathode against the front-month contract was quoted at a discount of 200-120 yuan/mt, with an average discount of 160 yuan/mt, down 70 yuan/mt from the previous trading day. The average transaction price was 108,745 yuan/mt, down 3,155 yuan/mt from the previous trading day.

SMM, September 14:

Today, spot premiums for #1 copper cathode in North China against the front-month contract were reported at a discount of 200-120 yuan/mt, with an average discount of 160 yuan/mt, down 70 yuan/mt from the previous trading day. The average transaction price was 108,745 yuan/mt, down 3,155 yuan/mt from the previous trading day. Futures consolidated and pulled back, but dragged by the wide price spread between futures contracts, downstream purchase willingness continued to weaken, with most participants waiting on the sidelines to restock after delivery. Suppliers' willingness to sell edged up slightly, but market trading was sluggish, and spot premiums in North China continued to move lower. Today, the purchase sentiment for copper cathode in North China was 1.17, down 0.04 from the previous trading day, while the willingness to sell was 2.78, up 0.01 from the previous trading day. ().

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