The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 15 Dec , 2025

This week, the domestic secondary copper market continued its strong trend driven by multiple favorable factors, with copper prices rising by 2,800 yuan/mt over the week, once again hitting a record high. The price of bare bright copper in Guangdong followed the increase to 82,800-83,000 yuan/mt, up 1,600 yuan/mt within the week. Despite the continuous price surge, market trading did not recover simultaneously, showing a notable "price rise but thin volume" characteristic. Supply side, since the National Day holiday, many traders of recycled copper raw materials have adopted a cautious stance toward the year-end market, actively controlling inventory levels, which led to limited actual circulating supply during this round of price increases. Most traders adopted an order-based procurement model

[SMM Analysis:China's 2025 Copper Concentrate Imports Show Significant Increase in Inland Mining]According to data from the General Administration of Customs, China imported 2.526 million dmt of cu cons and its concentrates in November 2025, a month-on-month increase of 3% and a year-on-year increase of 12.5%. From January to November, China's cumulative imports of copper ore and its concentrates reached 27.614 million dmt, an 8% increase year-on-year. SMM forecasts that China will import 2.6 million dmt of cu cons and its concentrates in December 2025, bringing the total annual imports to 30.26 million dmt, a year-on-year increase of 7.43%, with an expected increment of 2.094 million dmt.

[SMM Analysis:Latest Copper Concentrate Supply-Demand Balance Results: Annual Contract Negotiation Outcomes Imminent ]As the year draws to a close, the fundamental dynamics of the global copper concentrate supply and demand are largely clear. Based on the latest global copper concentrate production and smelter operations, SMM estimates this year's copper concentrate supply-demand balance to be approximately a deficit of 170,000 metal tonnes. This outcome is more favorable than the previously projected deficit of 530,000 metal tonnes.

According to SMM data, the operating rate of copper pipe & tube enterprises was 63.82% in November, up 1.45 percentage points MoM but down 17.86 percentage points YoY.