North China Copper Cathode Premiums Surge on Tight Supply, Recovering Demand

North China's copper cathode spot premiums rose significantly this week due to limited supply and recovering demand. As of last Thursday, premiums were between 100-240 yuan/mt, averaging 170 yuan/mt, a 45 yuan/mt increase from the previous week.

The market saw a decrease in available cargo, leading suppliers to hold back on selling and maintain higher prices. Downstream buyers' purchasing power increased, driven by rigid demand, which helped improve trading activity.

Despite weak off-season demand fundamentals remaining unchanged, spot premiums for North China copper cathode are expected to be influenced by rigid-demand transactions in the coming week. However, large-scale restocking by end-users is unlikely in the short term, and trading activity may weaken slightly.