Tight Supply Holds Prices Firm, Spot Price at a Premium of 170 yuan/mt [SMM Shandong Copper Cathode Spot Weekly Review]

Published: Aug 27, 2026 15:53

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This week, spot copper cathode in Shandong switched from discounts to premiums, with the spot quoted at a premium of 170 yuan/mt as of Thursday. Demand side, high copper prices continued to suppress downstream purchases, with enterprises mostly maintaining hand-to-mouth procurement, leaving overall transactions without significant improvement during the week. Supply side, available cargo in east China tightened, and coupled with rising month-end invoicing demand, some spot cargo flowed out, while local suppliers' willingness to hold prices firm strengthened. Looking ahead to next week, with copper prices fluctuating at highs, downstream demand is unlikely to see a substantial recovery; however, tight spot supply will still support suppliers' sentiment to hold prices firm, and Shandong premiums are expected to fluctuate in line with the Shanghai market, with spot prices continuing the premium trend.

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