Pre-holiday trading sluggish, spot premiums continue to pull back [SMM North China spot copper]

Published: Sep 30, 2026 10:55 (GMT+8)

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Premiums for #1 copper cathode in North China against the front-month contract were quoted at 650-750 yuan/mt today, with an average premium of 700 yuan/mt, down 110 yuan/mt from the previous trading day. The average transaction price was 111,085 yuan/mt, up 335 yuan/mt from the previous trading day.

SMM, September 30:

Today in North China, spot #1 copper cathode against the front-month contract was quoted at a premium of 650-750 yuan/mt, with an average premium of 700 yuan/mt, down 110 yuan/mt from the previous trading day. The average transaction price was 111,085 yuan/mt, up 335 yuan/mt from the previous trading day. Futures consolidated and stabilized. As it was the last trading day before the holiday, market buying was sparse, downstream purchase willingness was low, and only a small amount of rigid demand was transacted. Suppliers became more active in selling and proactively offered concessions, driving spot premiums in North China further downward. Today, the purchase sentiment for copper cathode in North China was 1.18, down 0.03 from the previous trading day, while the shipment sentiment was 1.97, up 0.08 from the previous trading day. ().

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