Shandong Spot Copper Cathode Market

Published: Sep 24, 2026 13:16 (GMT+8)

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After copper prices corrected last week, downstream demand for immediate delivery picked up sharply. Limited output from smelters, coupled with insufficient supplementary imports of copper, led to continuous destocking of social inventories to a low level near 70,000 tonnes. Severe spot shortage emerged in the market. Holders of copper cathode in Shandong over-sold and maintained firm offers, pushing spot premiums sharply higher to 1,000 yuan per tonne, hitting a four-year high.

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