The market maintains a weak supply-demand pattern, and physical transactions are sluggish [SMM Yangshan copper spot].

[SMM Imported Copper Concentrates] According to the latest data from the General Administration of Customs, China’s copper concentrate imports in June 2026 stood at 2.335 million mt, down 1.10% MoM and edging up 0.03% YoY. In January-June 2026, cumulative copper concentrate imports reached 14.609 million mt, edging down 0.9% YoY.

Recently, overseas copper scrap payability has not declined despite a slight increase in copper prices. Instead, supported by persistently tight overseas copper scrap supply, offers have moved slightly higher in tandem with copper prices. Currently, overseas Millberry offers remain at a high range of 98.5%-99%, which is already close to the upper level acceptable to traders. Payability for No.1 copper and No.2 copper scrap has also edged up by around 0.2 percentage points from previous levels. The traditional pricing logic of “higher copper prices leading to lower copper scrap payability” is gradually weakening. On the one hand, overseas copper scrap generation remains limited, and spot availability continues to be tight. On the other hand, competitive procurement of recycled copper raw materials from China, India, Southeast Asia and the Middle East is still ongoing. With no significant increase in supply expected in the near term, sellers continue to show strong price support even as copper prices edge higher, keeping overseas copper scrap payability elevated with a slight upward bias.