[SMM spot copper] Looking ahead to tomorrow, with several trading days remaining until delivery, it is expected that when the price spread between futures contracts (BACK) for the next month exceeds 200, suppliers will still actively sell their cargo, and there is a possibility that Shanghai spot copper premiums will continue to decline.

[SMM Analysis] According to SMM, the operating rate of Chinese copper foil enterprises in June 2025 was 74.78%, up 2.62 percentage points MoM and 2.75 percentage points YoY. Among them, the operating rate of large enterprises was 79.57%, that of medium-sized enterprises was 49.79%, and that of small enterprises was 65.09%...

Today, spot #1 copper cathode in North China traded at a discount of 240 yuan/mt to 160 yuan/mt against the front-month contract, with an average discount of 200 yuan/mt, down 30 yuan/mt from the previous trading day. The transaction prices ranged from 79,380 yuan/mt to 79,640 yuan/mt, with an average price of 79,510 yuan/mt, down 110 yuan/mt from the previous trading day.

According to SMM, the operating rate of copper plate/sheet and strip enterprises stood at 67.44% in June 2025, down 2.68 percentage points MoM and 0.12 percentage points YoY. Among them, the operating rate of large enterprises was 70.67%, that of medium-sized enterprises was 64.09%, and that of small enterprises was 62.58%.

[SMM Analysis: Operating Rate of Copper Plate/Sheet and Strip Continued to Decline in June, "Off-Season Test" Persists] According to SMM, the operating rate of copper plate/sheet and strip enterprises surveyed by SMM in June 2025 was 67.44%, down 2.68 percentage points MoM and 0.12 percentage points YoY. Among them, the operating rate of large enterprises was...

[SMM Analysis: Fluctuations in the operating rate of secondary copper rod plants intensify, with raw material shortages and industry transformation pressures coexisting] The operating rate of secondary copper rod plants in June was 33.61%, higher than the expected 30.84%, up 3.69% MoM, and down 8.44% YoY.​​ The main theme surrounding secondary copper rod enterprises in June remained sales losses. According to SMM's statistical data from the gross profit theoretical model for secondary copper rod sales, secondary copper rod enterprises incurred an average sales loss of 410 yuan/mt in June, an increase of 165 yuan/mt MoM. The reason for this is that secondary copper rod enterprises, as the production and processing link in the industry chain, have been facing persistent tightness in the supply of secondary copper raw materials...

According to SMM, the composite operating rate of the enamelled wire industry in June was 69.93%, down 2.33 percentage points MoM and up 1.27 percentage points YoY. Among them, the operating rate of large enterprises was 71.65%, that of medium-sized enterprises was 66.44%, and that of small enterprises was 69.59%.

[SMM Analysis: Operating Rates of Copper Foil Enterprises Continue to Rise, with Lithium Battery Demand Driving Growth] According to SMM, the operating rate of copper foil enterprises in June 2025 was 74.78%, up 2.62 percentage points MoM and 2.75 percentage points YoY...

[SMM Morning Meeting Summary: US Issues Non-Reciprocal Tariff Notifications to Multiple Countries, Copper Prices Under Short-Term Pressure] On July 7, spot premiums for SMM #1 copper cathode against the 2507 contract for the current month were reported at a range of 50-140 yuan/mt, with an average premium of 95 yuan/mt, down 20 yuan/mt MoM. Looking ahead to today, with the widening of the price spread between futures contracts and the impact of imported supplies, it is expected that spot premiums will have further downside room...