Supply pressure eases somewhat, demand continues to weaken ahead of the holiday [SMM North China spot copper]

Published: Sep 29, 2026 11:19 (GMT+8)

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Spot #1 copper cathode in North China was quoted at premiums of 760-860 yuan/mt against the front-month contract today, with an average premium of 810 yuan/mt, down 90 yuan/mt from the previous trading day. The average transaction price was 110,750 yuan/mt, down 185 yuan/mt from the previous trading day.

SMM News, September 29:

Today, in North China, spot #1 copper cathode prices against the front-month contract were quoted at a premium of 760-860 yuan/mt, with the average premium at 810 yuan/mt, down 90 yuan/mt from the previous trading day. The average transaction price was 110,750 yuan/mt, down 185 yuan/mt from the previous trading day. Futures consolidated and stabilized, and the tightness in spot supply eased somewhat, while suppliers’ willingness to sell increased. With the holiday approaching, downstream pre-holiday stockpiling was basically coming to an end; demand continued to weaken and purchasing sentiment pulled back, driving spot premiums in North China to continue trending lower. Today, purchasing sentiment for copper cathode in North China was 1.21, down 0.04 from the previous trading day, while selling sentiment was 1.89, up 0.04 from the previous trading day. ().

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