Trading Turns Muted in Spot Market after SHFE Copper Hits Over 3-Year High, SMM Says 

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the center of copper prices is expected to shift upward, and downstream enterprise consumption is expected to weaken. However, as the Contango price spread between futures contracts widens on a month-over-month basis, suppliers' willingness to ship to delivery warehouses is expected to increase, while they hold prices firm and hold back from selling, potentially tightening available low-priced cargo and providing some support for spot discounts. Influenced by rising copper prices, the price difference between copper cathode and copper scrap is expected to widen, driving spot discounts on non-registered spot copper to expand further. Overall, under the influence of high copper prices and widening price spreads between futures contracts, Shanghai spot copper prices against the SHFE copper 2606 contract are expected to remain at discount levels tomorrow.

Recently, at the copper alloy division of Shanxi Beitong New Materials Technology Co., Ltd. (hereinafter referred to as "New Materials Technology Company"), a wholly-owned subsidiary of North Copper Co., Ltd. (hereinafter referred to as "North Copper"), a chromium-zirconium copper alloy casting ingot approximately 9 meters long and weighing about 9 mt was slowly extracted from the crystalliser. Upon detection, the casting ingot product exhibited uniform composition, with all performance indicators meeting standard requirements. This specification of casting ingot product represents yet another major breakthrough for North Copper in the field of high-end copper-based new materials, following its achievements in high performance rolled copper foil and copper-nickel-silicon alloy foil.

According to the latest production schedule report on three major white goods released by ChinaIOL, the combined production schedule for air conditioners, refrigerators, and washing machines in June 2026 totaled 30.04 million units, down 11.8% compared to the same period last year.