Copper buyers in China are competing for physical supplies as spot premiums rise sharply in the world’s largest copper-consuming market. The squeeze reflects a growing scarcity of cathode available for immediate delivery, with production curbs at Chinese smelters tightening supply.
The premium for spot copper in Shanghai reached 1,900 yuan ($285) a ton above futures on Wednesday, according to Shanghai Metals Market data. It was the highest reading since 2021.
Sources: Bloomberg Markets.