Copper Prices Pull Back, Demand Warms Up; High Premiums Return After Delivery Contract Rollover [SMM Shandong Copper Cathode Spot Weekly Review]

Published: Sep 17, 2026 13:53

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After contract rollover for delivery was completed, spot copper cathode in Shandong returned to a backwardation structure. As of Thursday this week, the average spot premium was reported at a premium of 420 yuan/mt. This week, the center of copper prices pulled back, driving downstream demand to recover; combined with tight spot supply in the market, this gave suppliers strong support to hold prices firm, and spot quotes stayed high. Looking ahead to next week, demand in the province has yet to show a clear pickup, and downstream acceptance of high premiums remains limited. However, social inventory of copper cathode is currently at a low single-digit level, continuously underpinning the spot market, so the room for premiums to pull back is expected to be limited.

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