To help enterprises in the copper processing industry chain get to know inventory and gain a precise understanding of market supply and demand dynamics, SMM Metal Database has launched a weekly inventory days indicator for copper processed materials, creating a comprehensive tool for monitoring the dynamics of copper processed material inventory!

The "anti-rat race" policy continues to stimulate a rebound in the commodity market.  

[SMM spot copper] Looking ahead to tomorrow, with copper prices remaining high, downstream buyers are purchasing as needed. Under the current Contango structure, suppliers are reluctant to sell at a too low premium, and it is expected that tomorrow's quotes will only be slightly adjusted downward from today's levels.

Today, spot #1 copper cathode in North China traded at a discount of 170 yuan/mt to 70 yuan/mt against the front-month contract, with an average discount of 120 yuan/mt, unchanged from the previous trading day. The transaction prices ranged from 79,370 yuan/mt to 79,610 yuan/mt, with an average price of 79,490 yuan/mt, up 95 yuan/mt from the previous trading day.

Futures market: LME copper opened at $9,871.5/mt overnight, fluctuated upward initially before plunging to $9,858.5/mt, then gradually rebounded to a high of $9,923/mt, finally closing at $9,898/mt, up 0.31%, with trading volume at 13,000 lots and open interest at 266,000 lots.

[SMM Morning Meeting Summary: Copper Prices Rise Along with High Premiums, Downstream Consumption Mainly Driven by Just-in-Time Demand] On July 22, spot #1 copper cathode against the August 2508 contract was quoted at a premium of 160-320 yuan/mt, with an average premium of 240 yuan/mt, up 20 yuan/mt MoM. Smelters have already replenished supplies to the Shanghai area during the week, but currently, the mainstream delivery of standard-quality copper and high-quality copper remains tight. It is expected that the price spread will still be large today, and downstream consumers can make just-in-time procurement...

Online query data from the General Administration of Customs (GAC) showed that China's imports of copper cathode in June were 337,000 mt, up 15.15% MoM and up 9.23% YoY.

[SMM Analysis:Copper Consumption in New Energy Vehicles H1 2025] On July 16, the China Association of Automobile Manufacturers (CAAM) released data showing:January-June 2025 NEV production reached 6.968 million units, representing a 41.4% year-on-year increase.According to SMM estimates, full-year 2025 NEV production is forecast at 16.29 million units, with second-half production expected to reach 9.32 million units.

[SMM Analysis:Mid-Year Market Review of Copper Concentrate ] At the beginning of this year, copper concentrate spot treatment charges (TCs) officially entered negative territory. The transaction price on the smelter procurement side has declined from single-digit lows at the start of the year to around -$40/mt mid-range, where it has remained since late April with little room for further downside. However, transaction prices on the trader procurement side have repeatedly hit new lows. Due to the supply-demand imbalance in the copper concentrate market, mines have allocated more positions to spot tenders. Additionally, aggressive new entrants in the market this year have driven traders' purchase prices down from -$80/mt to -$140/mt.

SMM Analysis: According to data from the General Administration of Customs, China's copper foil imports in June 2025 were approximately 7,523.97 mt, down 11.26% YoY and 13.44% MoM. From January to June 2025, China's cumulative copper foil imports were approximately 46,599.92 mt, up 0.06% YoY...