Supply slightly loosens; downstream purchases trend mediocre [SMM North China spot copper]

Published: Sep 28, 2026 11:24 (GMT+8)

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Spot copper in North China was quoted at premiums of 850-950 yuan/mt against the front-month contract today, with an average premium of 900 yuan/mt, down 100 yuan/mt from the previous trading day. The average transaction price was 110,935 yuan/mt, down 835 yuan/mt from the previous trading day.

SMM, September 28:

Today, spot #1 copper cathode in North China was quoted at a premium of 850-950 yuan/mt against the front-month contract, with an average premium of 900 yuan/mt, down 100 yuan/mt from the previous trading day. The average transaction price was 110,935 yuan/mt, down 835 yuan/mt from the previous trading day. Futures drifted lower, spot supply was slightly looser than earlier, and suppliers' willingness to sell increased. With the National Day holiday approaching, downstream stockpiling was largely completed earlier, and buying sentiment continued to weaken, driving spot premiums in North China significantly lower. Today, the purchasing sentiment for copper cathode in North China was 1.25, down 0.03 from the previous trading day, while the selling sentiment was 1.85, up 0.12 from the previous trading day. ().

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