Today, spot #1 copper cathode in North China traded at a discount of 220 yuan/mt to 160 yuan/mt against the front-month contract, with an average discount of 190 yuan/mt, up 10 yuan/mt from the previous trading day. The transaction prices ranged from 78,800 yuan/mt to 79,060 yuan/mt, with an average price of 78,930 yuan/mt, down 580 yuan/mt from the previous trading day.

[SMM Morning Meeting Summary: US to Impose Substantial Copper Tariffs, US Copper Prices Surge] On July 8, spot premiums for SMM #1 copper cathode against the 2507 contract for the current month were reported at a range of 40-130 yuan/mt, with an average premium of 85 yuan/mt, down 10 yuan/mt MoM. Looking ahead to today, with several trading days remaining before delivery, it is expected that suppliers will continue to actively sell their cargo when the price spread between futures contracts (BACK) for the next month exceeds 200 yuan/mt, and there is still a possibility for spot premiums for SHFE copper to decline further...

On July 8 (Tuesday), after US President Donald Trump unexpectedly announced a 50% import tariff on imported copper, Chile, the world's largest copper producer, was left in a state of wait-and-see, caught off guard, with the country's top miner still holding out hope for an exemption.

On July 8 (Tuesday), US copper prices surged by over 12%, reaching a record high of over $12,330 per mt, driven by disruptions caused by US tariff policies.