As delivery date approaches, market supply decreases and premiums rebound [SMM North China Spot Copper]

Published: Jun 10, 2026 11:30

Save

In North China today, spot #1 copper cathode against the front-month contract was reported at an average discount of 280-180 yuan/mt, with the average discount at 230 yuan/mt, up 10 yuan/mt from the previous trading day. The average transaction price was 103,810 yuan/mt, down 115 yuan/mt from the previous trading day.

SMM June 10:

In north China, #1 copper cathode spot prices against the front-month contract were reported at an average discount of 280 yuan/mt to 180 yuan/mt, with the midpoint discount at 230 yuan/mt, up 10 yuan/mt from the previous session. The average transaction price was 103,810 yuan/mt, down 115 yuan/mt from the previous session. With the delivery date approaching, many cargoes from the north were shipped to east China or to execute long-term contracts, leading to a recent recovery in spot premiums. However, inventory digestion progress at downstream processing enterprises remained slow, leaving market transactions mediocre. Today, copper cathode procurement sentiment in north China was 2.15, up 0.04 from the previous session, and shipment sentiment was 1.75, down 0.08 ().

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.

For any inquiries or to learn 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

27 mins ago

Results of Spot Tender for Copper Concentrates from a Large Mine Released

[SMM Spot Copper Concentrates] According to market rumors, the tender result of a large mine was released last week, where 60,000 mt of spot copper concentrates were traded through traders at TCs of -$220/dmt to -$225/dmt, far exceeding market expectations.

27 mins ago

35 mins ago

Copper Market Slows as Off-Season Nears, Orders Decline

[SMM Copper Express] Although existing orders on hand provide some support for production, the market is gradually transitioning into the traditional off-season, and downstream wait-and-see sentiment continues to intensify, dragging enterprise operating rates further down. The operating rate for copper cathode rod is expected to continue to pull back in June.

35 mins ago

1 hour ago

Suppliers Hold Prices Firm and Hold Back Selling as Delivery Approaches, Shanghai Spot Copper Premiums Remain Strong [SMM Shanghai Spot Copper]

[SMM Shanghai spot copper] Nearing delivery, the inter-month contango spread remains in the 70-10 yuan/mt range. Suppliers are optimistic about near-term premiums, with strong sentiment to hold prices firm and hold back from selling. After standard-quality copper cargoes at a discount of 20 yuan/mt were quickly traded in early business, low-priced cargoes became hard to find in the market. From the demand side, downstream buyers’ acceptance of current premium offers is limited, with overall demand largely need-based and limited willingness to chase higher prices. The discount for non-registered copper remains at 200-180 yuan/mt, indicating that overall consumption support is not strong. On balance, amid the tug-of-war between delivery-logic-backed firm offers and limited downstream acceptance, Shanghai spot copper quotes against the SHFE copper 2606 contract are expected to maintain the current pattern tomorrow, with the center of premiums possibly shifting slightly higher.

1 hour ago