Futures strengthen and supply tightens, premiums rise sharply [SMM North China spot copper]

Published: Sep 18, 2026 11:32

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Spot #1 copper cathode in North China was quoted at a premium of 500-580 yuan/mt against the front-month contract today, with an average premium of 540 yuan/mt, up 110 yuan/mt from the previous trading day. The average transaction price was 110,005 yuan/mt, up 1,510 yuan/mt from the previous trading day.

SMM, September 18:

In North China today, spot prices of #1 copper cathode against the front-month contract were reported at a premium of 500-580 yuan/mt, with an average premium of 540 yuan/mt, up 110 yuan/mt from the previous trading day. The average transaction price was 110,005 yuan/mt, up 1,510 yuan/mt from the previous trading day. Futures rose sharply, spot supply was tight, and suppliers held prices firm while holding back from selling. Downstream purchase willingness continued to recover, and restocking demand was released, boosting spot premiums for copper cathode in North China significantly, with market trading activity improving. Today, the purchase sentiment for copper cathode in North China was 2.01, up 0.55 from the previous trading day, while the shipment sentiment was 2.35, down 0.42 from the previous trading day. ().

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