Spot Premiums for Copper Cathode in North China Continued to Weaken Due to Sluggish Consumption

[Tibet Summit Resources 2025 Annual Report Released] On April 23, Tibet Summit Resources released its 2025 annual report. In 2026, the lead-zinc-copper mine plans to achieve a mining volume of 4.25 million mt, an ore output of 4 million mt, a mineral processing volume of 3.84 million mt, and a lead-zinc-copper-silver metal content output of 150,000 mt. Currently, Tazhong Mining has completed construction of 4 million mt/year mining and processing capacity and 50,000 mt crude lead smelting capacity, and is implementing an additional 2 million mt mining and processing expansion project as well as a smelting industry chain extension project.

Looking ahead to tomorrow's Shanghai copper spot market, on the demand side, night session copper prices rose, reducing downstream acceptance and pulling back intraday buying – a sign of price sensitivity. The front-month contango widened to 180-110 yuan/t, encouraging holders to firm up offers and limiting spot discounts. However, consumption in northern regions (Gansu, Shanxi, Henan) softened, with some smelters reshipping to Shanghai, pointing to higher east China supply ahead. SMM data shows Shanghai social inventories at 188.0kt, down 2.8kt w/w but destocking slowed notably, reflecting weak buying appetite at current prices. Overall, with contango support balanced against potential supply inflows, spot quotes against the 2605 contract are expected to hold steady.