Spot discounts deepen before narrowing, end-use demand improves marginally [SMM North China copper cathode spot weekly review]

Published: Oct 16, 2026 09:22 (GMT+8)

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In North China, as of this Thursday, premiums stood at a discount of 170-70 yuan/mt, with an average discount of 120 yuan/mt, down 390 yuan/mt WoW. This week, spot premiums for copper cathode in North China quickly shifted from premiums after the holiday into discount territory, with discounts deepening continuously before recovering toward the end of the week. Amid fluctuations in futures, suppliers showed strong willingness to sell, persistently offering concessions to move cargo. Downstream end-use demand remained generally weak, with most sessions marked by a wait-and-see stance and only sporadic need-based transactions. It was not until copper prices pulled back that purchase willingness recovered marginally, market activity picked up, and discounts narrowed. Looking ahead, spot supply is relatively ample after delivery, and the pullback in copper prices has helped downstream demand recover. Spot basis is expected to return to premium territory, with market activity edging up.

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