North China Copper Market Sees Premiums Surge Amid Supply Tightness

The copper market in North China saw a significant increase in spot premiums today. Spot #1 copper cathode was quoted at a premium of 980-1,120 yuan/mt against the front-month contract, with an average premium of 1,050 yuan/mt, up 430 yuan/mt from the previous trading day.

The average transaction price for spot copper in North China reached 112,410 yuan/mt, a 1,805 yuan/mt increase from yesterday. The tight supply in the market and suppliers' weakened willingness to sell contributed to the higher premiums.

High copper prices combined with high premiums suppressed downstream purchases, leading to low interest among enterprises to enter the market. As a result, transactions were sluggish, causing spot premiums in North China to rise further.