Tight supply supports premiums, while high prices suppress spot transactions [SMM North China spot copper]

Published: Sep 24, 2026 11:41 (GMT+8)

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Spot #1 copper cathode in North China was quoted at premiums of 960-1,040 yuan/mt against the front-month contract today, with an average premium of 1,010 yuan/mt, down 10 yuan/mt from the previous trading day. The average transaction price was 111,770 yuan/mt, down 395 yuan/mt from the previous trading day.

SMM, September 24:

Today, spot #1 copper cathode in North China was quoted at a premium of 960-1,040 yuan/mt against the front-month contract, with an average premium of 1,010 yuan/mt, down 10 yuan/mt from the previous trading day. The average transaction price was 111,770 yuan/mt, down 395 yuan/mt from the previous trading day. Futures drifted lower, while spot supply remained tight. Suppliers, holding limited resources, maintained firm prices and held back from selling. High copper prices combined with high premiums suppressed downstream purchases. Enterprises showed weak purchase willingness, and market trading was sluggish. Spot premiums in North China pulled back slightly. Today, the purchase sentiment for copper cathode in North China was 1.28, down 0.11 from the previous trading day, while the shipment sentiment was 1.73, down 0.03. ().

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