SMM Ranking by Metal Price Increase (Weekly)2017.9.1

In 2025, China's NEV production exceeded 16.6 million units, with a penetration rate as high as 48.1%. The rapid expansion of the NEV industry has driven rapid growth in sales of upstream thermal management parts. According to ChinaIOL data, the total annual sales of air conditioning units (AC units) in China reached 19 million sets in 2025, up 26.7% YoY.

【SMM Copper Inventory Update】Concentrated arrivals of imported and domestic supplies, with additional cargoes queuing for warehousing, coupled with suppliers actively stocking up driven by delivery requirements, along with persistently weak consumption during the Chinese New Year on the demand side, collectively contributed to a significant inventory buildup. According to SMM data, as of February 24, 2026, social inventory of copper cathode in mainstream domestic areas increased by 154,900 mt during the holiday, reaching a five-year high, with the total volume exceeding 500,000 mt.

Spot prices of #1 copper cathode in North China against the front-month contract were at a discount of 200-20 yuan/mt today, with an average discount of 110 yuan/mt, up 160 yuan/mt from the previous trading day. Transaction prices ranged from 100,530-101,740 yuan/mt, with an average price of 101,135 yuan/mt, up 1,170 yuan/mt from the previous trading day.