Price spread between futures contracts constrains purchases, spot premiums under pressure and pulling back [SMM North China spot copper]

Published: Sep 7, 2026 11:16

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Spot copper in North China was quoted at parity to a premium of 100 yuan/mt against the front-month contract today, with an average premium of 50 yuan/mt, down 40 yuan/mt from the previous trading day. The average transaction price was 109,730 yuan/mt, down 45 yuan/mt from the previous trading day.

SMM, September 7:

Today in North China, spot prices of #1 copper cathode against the front-month contract were reported at parity to a premium of 100 yuan/mt, with an average premium of 50 yuan/mt, down 40 yuan/mt from the previous trading day. The average transaction price was 109,730 yuan/mt, down 45 yuan/mt from the previous trading day. Futures remained stable, and overall market fluctuations were mild. Weighed down by the relatively wide price spread between futures contracts, downstream purchase willingness was weak. Suppliers' willingness to sell continued to rise, spot premiums in North China moved further downward, and market activity cooled somewhat. Today, the purchase sentiment for copper cathode in North China was 1.29, down 0.03 from the previous trading day, while the willingness to sell was 2.72, up 0.04 from the previous trading day. ().

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