Weak Downstream Demand Recovery Momentum, North China Premiums Slightly Recover [SMM North China Spot Copper]

Published: Jul 28, 2026 11:36

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Today, spot #1 copper cathode in North China against the front-month contract was quoted at premiums ranging from 40 yuan/mt to 150 yuan/mt, with the average premium at 95 yuan/mt, down 25 yuan/mt from the previous trading day; the average transaction price was 105,060 yuan/mt, down 320 yuan/mt from the previous trading day.

SMM July 28 Report:

Today in North China, spot #1 copper cathode prices against the front-month contract were reported with an average premium ranging from 40 yuan/mt to 150 yuan/mt, averaging 95 yuan/mt, down 25 yuan/mt from the previous trading day, and the average transaction price was 105,060 yuan/mt, down 320 yuan/mt from the previous trading day. Futures saw a slight correction, with only a small amount of rigid demand released downstream, and overall demand improvement was limited; suppliers' willingness to sell remained basically stable, while market transactions recovered slightly, driving a slight recovery in spot premiums in North China. Today, the purchasing sentiment for copper cathode in North China was 1.44, increased by 0.02 from the previous trading day, and the shipment sentiment was 2.87, decreased by 0.01 ().

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