Contract rollover drives price spread surge; high premiums constrain end-user deals [SMM North China spot copper cathode weekly review]

Published: Sep 18, 2026 09:37

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In north China, as of this Thursday, spot copper was at a premium of 380-480 yuan/mt, with an average premium of 430 yuan/mt, up 520 yuan/mt WoW. This marked a sharp increase from last week. Copper prices consolidated this week, and due to delivery and contract rollover, regional spot price spreads fluctuated widely. Downstream purchase willingness recovered somewhat, and restocking demand was released, but high premiums suppressed purchases, limiting market acceptance. Suppliers' willingness to sell fluctuated slightly, and purchasing sentiment rebounded during the week, with overall trading stable. Fundamentals showed marginal demand recovery, but large-scale restocking has yet to emerge. Looking ahead, high premiums will continue to weigh on transactions, and spot copper cathode in north China is expected to be traded mainly on a need-to basis next week, with premiums consolidating at highs.

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