Month-end demand remains weak, end-user buying weakness pulls back North China premium slightly [SMM North China spot copper]

Published: Jul 31, 2026 11:47

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Today, spot #1 copper cathode in North China against the front-month contract was quoted with average premiums ranging from 40 yuan/mt to 130 yuan/mt, with the average premium at 85 yuan/mt, down 5 yuan/mt from the previous trading day. The average transaction price was 105,815 yuan/mt, up 465 yuan/mt from the previous trading day.

SMM July 31:

Today in North China, #1 copper cathode spot prices against the front-month contract were quoted at premiums of 40-130 yuan/mt, with an average premium of 85 yuan/mt, down 5 yuan/mt from the previous trading day. The average transaction price was 105,815 yuan/mt, up 465 yuan/mt from the previous trading day. Copper prices remained high, and with month-end approaching, downstream production willingness pulled back and purchasing sentiment continued to weaken. Suppliers' willingness to sell remained stable, but insufficient end-user buying drove spot premiums in North China to edge down. Today, the purchasing sentiment for copper cathode in North China was 1.28, down 0.11 from the previous trading day, and the selling sentiment was 2.73, flat from the previous trading day ().

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