[SMM price] July 27th copper cash discount in Shanghai market (second period)

[Latest GACC data] In July 2026, China imported 177,400 mt in physical content of copper scrap and shredded copper scrap. Of this, 112,800 mt was imported through Ningbo Customs, ranking first with a share of 63.58%; 17,000 mt was imported through Shenzhen Customs, ranking second with a share of 9.59%. (HS code: 74040000)

Mongolian Stock Exchange data show that Erdenet Mining Corporation auctioned 14 lots totaling 499.408 tonnes of molybdenum concentrate under a forward contract on September 24. The material contained at least 44% molybdenum. Three bidders lifted the price from $28,504.17 to $34,754.17 per product tonne, a 21.93% premium, taking the total contract value to $17.36 million. Based on the minimum 44% grade, SMM calculates an equivalent of about $35.83/lb Mo, although the actual figure depends on final assay and is not directly comparable with molybdenum oxide spot prices. The auction price was 2.9% above the September 10 result.

Looking ahead to tomorrow, SMM recorded social inventory in Shanghai at 51,200 mt, up 4,900 mt WoW from last Thursday, mainly due to the gradual arrival of some imported copper replenishing supply. Social inventory in Jiangsu was recorded at 15,300 mt, down 2,900 mt WoW from last Thursday, mainly due to low arrivals combined with normal cargo pick-up by some downstream processing enterprises. Intraday market trading was overall sluggish. Although downstream processing enterprises still had sporadic pre-holiday stockpiling demand, purchasing enthusiasm was limited, with transactions mainly driven by rigid demand. Meanwhile, as imported supply in Shanghai gradually replenished, the tightness of available cargo in the market eased somewhat. Suppliers showed strong willingness to sell, and intraday quotes trended downward step by step. Currently, high copper prices and the relatively wide backwardation in the price spread between futures contracts continue to restrain downstream purchasing. Shanghai spot premiums are expected to remain under pressure tomorrow, with a high likelihood of edging down slightly.