[Price spread between futures contracts stays high, demand weak; spot price shifts from premium to discount [SMM Shandong copper cathode spot weekly review]]

Published: Oct 15, 2026 19:04 (GMT+8)

Save

This Thursday, spot copper prices in Shandong were quoted at a discount of 100 yuan/mt. During the week, as the delivery date approached and contract rollover loomed, the price spread between futures contracts remained persistently high, downstream purchase willingness weakened notably, and suppliers, under shipment pressure, continuously lowered their premium quotes. Spot premiums narrowed rapidly, turned into discounts, and gradually deepened, but overall transactions remained limited. Looking ahead to next week, as the contract rollover factor fades, spot premium quotes are expected to see some recovery. However, high copper prices will continue to constrain the release of downstream demand, and the improvement in transaction volumes is expected to be limited.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

Images in this article contain AI-translated captions for reference only.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

14 mins ago

SMM weekly operating rate of secondary anode plate enterprises in China at 47.59%

[SMM Copper Anode Market] After the Chinese National Day holiday, some anode plate enterprises resumed production, but some are still undergoing maintenance. From October 9 to October 15, SMM's weekly operating rate of secondary anode plate enterprises in China rose 1.16 percentage points WoW to 47.59%. It is expected to fall 0.74 percentage points WoW to 46.85% next week.

14 mins ago

39 mins ago

[Anglo Asian Mining Q3 copper output at 5,514 tonnes, 2026 guidance reaffirmed]

Anglo Asian Mining (LSE:AAZ) produced 5,514 tonnes of copper in the third quarter, lifted by continued ramp-up at its Demirli mine in Azerbaijan, while keeping full-year copper, gold and silver guidance unchanged. Nine-month copper output reached 14,354 tonnes, the highest nine-month figure the AIM-listed company has reported. The gain reflects Demirli's expansion and a strategy to grow copper across the portfolio, with copper increasingly dominating a production mix that still includes gold and silver, where output was broadly flat year on year. Mining also resumed at the Ugur deposit. The company sold 28,987 tonnes of copper concentrate in the quarter for 80.5 million USD, plus 5,733 ounces of gold bullion at realised prices well above the prior-year period; no realised gold price was disclosed. It ended the quarter with a 56.5 million USD cash balance after a net outflow driven by dividends, tax payments and temporary working capital needs, alongside unsold inventory valued at about 27.0 million USD.

39 mins ago

[BHP reaches tentative deal to avert strike at Escondida]

BHP and the supervisors' union at Chile's Escondida mine have reached a preliminary agreement to avert a strike at the world's largest copper operation. Union No. 2 members vote online between 9:15 and 11:30 a.m. local time; if they reject the offer, the stoppage would start Thursday at 8:00 a.m. local. The deal followed last-minute talks after earlier contract negotiations failed. Strike risk had supported copper prices on supply concerns; ratification would remove one near-term threat. Yet Chile's industry faces mounting operational risks: a deadly landslide at Codelco's El Teniente halted an open-pit section. GEM Mining Consulting's October study put average output at risk at Chile's biggest copper mines at 5.2%, with El Teniente at 9%, Los Pelambres at 8% and Escondida at 7.5%.

39 mins ago