Tight Regional Spot Supply Pushes Prices Up Continuously [SMM Shandong Spot Copper Cathode Weekly Review]

Published: Jul 16, 2026 13:39

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This week, spot premiums in the Shandong region surged sharply. As of this Thursday, the average spot copper price in Shandong was reported at premiums of 170 yuan/mt. Regional spot supply remained tight, and coupled with the continued destocking of copper cathode social inventory, these two favorable factors supported suppliers' willingness to hold prices firm and drove premiums notably higher. After completing the delivery and contract rollover this week, end-use demand within the province showed mediocre performance, with few local spot orders completed, and most circulating supply in the market was shipped outside the province for consumption. Looking ahead to next week, support from tight spot supply is expected to persist, and suppliers' willingness to hold prices firm remains strong. However, persistently weak off-season demand will limit the upward momentum of premiums, and premiums face pressure to sustain a sharp rise.

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