Futures weaken but demand remains sluggish; spot premiums continue to pull back [SMM North China spot copper]

Published: Oct 09, 2026 11:37 (GMT+8)

Save

Spot copper in North China was quoted at premiums of 150-290 yuan/mt against the front-month contract, with an average premium of 220 yuan/mt, down 50 yuan/mt from the previous trading day. The average transaction price was 111,145 yuan/mt, down 960 yuan/mt from the previous trading day.

SMM, October 9:

In North China today, spot prices of #1 copper cathode against the front-month contract were reported at premiums of 150-290 yuan/mt, with an average premium of 220 yuan/mt, down 50 yuan/mt from the previous trading day. The average transaction price was 111,145 yuan/mt, down 960 yuan/mt from the previous trading day. Futures drifted lower, the price spread between futures contracts was wide, end-use demand was weak, market purchasing sentiment was subdued, and only sporadic rigid demand deals were concluded in the market. Suppliers showed strong willingness to sell, driving spot premiums for copper cathode in North China further downward. Today, the purchasing sentiment for copper cathode in North China stood at 1.04, down 0.02 from the previous trading day, while the selling sentiment was 2.35, up 0.19 from the previous trading day. ().

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Consumption recovery and falling inventory drive spot premiums higher [SMM South China spot copper]

1 hour ago

2 hours ago

Florence Copper Holds Commercial Launch Ceremony as the U.S. Welcomes Its First Major New Copper Source Since 2008

Florence Copper, a project owned by Taseko Mines, held a commercial launch ceremony in Arizona on October 6. The project produced its first copper cathodes in February 2026, meaning the ceremony marked the formal transition to commercial operations rather than the start of initial production. Florence Copper has been described as the first major new greenfield copper source in the United States since 2008. The project uses in-situ copper recovery (ISCR) combined with solvent extraction and electrowinning (SX/EW). It has a nameplate capacity of 38,600 tonnes of LME Grade A copper cathodes per year, based on the original 85 million-pound-per-year design capacity. The mine life is expected to be around 22 years, with estimated cumulative production of approximately 680,000 tonnes of copper. The project extracts copper through injection and recovery wells rather than conventional open-pit mining. The company said Florence Copper produced nearly 3,175 tonnes of copper between February and June 2026. The operation remains in the ramp-up phase and is expected to reach full production in 2027. All cathode copper produced at the project will remain in the United States to supply domestic manufacturers and other strategic industries. The project has created more than 200 direct jobs.

2 hours ago

【Flash | Peru’s August Molybdenum Export Value Rises 33% YoY】

Peru’s Central Reserve Bank reported molybdenum export value of $187 million in August 2026, down 3.6% from the revised July figure but up 32.6% year on year. January–August export value reached $1.371 billion, up 23.6% year on year. The series measures FOB export value rather than physical volume or mine production.

2 hours ago