SMM Analysis: According to data from the General Administration of Customs, China imported 58,300 mt of copper anode (HS code: 74020000) in November 2025, up 5.60% MoM but down 16.47% YoY...

[SMM Shanghai Spot Copper] Tomorrow, buyer bids are expected to remain low, trading activity is limited, and spot premiums are still projected to decline.

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 500-440 yuan/mt, with an average discount of 470 yuan/mt, down 20 yuan/mt from the previous trading day. Transaction prices ranged from 93,080 to 93,760 yuan/mt, with an average price of 93,420 yuan/mt, up 1,320 yuan/mt from the previous trading day.

According to data from the General Administration of Customs, China's exports of copper plate/sheet and strip reached 10,886.92 mt in November 2025, up 11.35% MoM but down 10.07% YoY. From January to November, the cumulative exports of copper plate/sheet and strip totaled 115,355.84 mt, a cumulative decrease of 0.82% YoY.

SMM Morning Meeting Minutes: LME copper opened at $11,939/mt overnight, initially touching a high of $11,959.5/mt, after which copper prices fluctuated downward, testing a low of $11,877/mt, then fluctuated rangebound upward and finally closed at $11,911/mt, up 0.34%, with trading volume reaching 16,000 lots and open interest at 345,000 lots. The most-traded SHFE copper 2602 contract opened at 94,030 yuan/mt overnight, immediately touching a high of 94,290 yuan/mt at the opening, then copper prices gradually moved downward, testing a low of 93,620 yuan/mt, and finally closed at 93,920 yuan/mt, with trading volume at 61,000 lots and open interest at 243,000 lots.