Approaching National Day, Downstream Demand Stockpiling, Spot Premiums/Discounts Under Pressure [SMM North China Spot Copper]

Published: Sep 26, 2025 11:26

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Spot prices of #1 copper cathode in North China against the front-month contract were at a discount of 140-100 yuan/mt today, averaging a discount of 120 yuan/mt, down 30 yuan/mt from the previous trading day. Transaction prices ranged from 82,250 to 82,490 yuan/mt, with an average of 82,370 yuan/mt, down 15 yuan/mt from the previous trading day.

SMM September 26:

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 140-100 yuan/mt, with an average discount of 120 yuan/mt, down 30 yuan/mt from the previous trading day. Transaction prices ranged from 82,250 to 82,490 yuan/mt, averaging 82,370 yuan/mt, down 15 yuan/mt from the previous trading day. As the National Day holiday approaches, high copper prices have prompted some downstream enterprises to extend holiday arrangements, putting spot premiums/discounts under pressure. Today, the market saw rigid-demand stockpiling, with trading activity slightly better than yesterday. In North China today, the copper cathode procurement sentiment index was 1.56, up 0.31 from the previous trading day, while the sales sentiment index was 1.36, down 0.02 from the previous trading day ().

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