Malaysia’s copper scrap market has remained struggles in recent years, with both upstream traders and downstream smelters under increasing pressure. According to SMM, this situation is closely related to the government’s intensified import supervision since 2021, particularly the stringent inspection regime enforced by SIRIM (Standards and Industrial Research Institute of Malaysia). Unless import standards are revised or clearance procedures streamlined, Malaysia risks losing its competitiveness and influence within the Southeast Asian recycled metals market.

[SMM Shanghai Spot Copper] Tomorrow is expected to mark the official start of the SHFE copper 2511 contract, with the number of warrants in Shanghai at 6,277 mt. Holders are expected to show reluctance to budge on prices.

[SMM Analysis: Policy Tightening and Supply Outflow: Malaysia's Copper Scrap Market Trapped in a Downturn Cycle] Malaysia's copper scrap market has remained sluggish in recent years, with the entire industry chain, from upstream trading to downstream smelters, facing significant pressure. According to SMM, this situation is closely linked to the Malaysian government's continuously tightened import supervision policies since 2021, particularly the high-standard review mechanism implemented by SIRIM (Standard and Industrial Research Institute of Malaysia), which has significantly altered the scrap metal trade landscape in Southeast Asia. If the government does not adjust import standards or simplify customs clearance procedures, Malaysia risks losing its important position in the Southeast Asian recycled metals market.

Spot prices of #1 copper cathode in North China against the front-month contract were at a discount of 180–120 yuan/mt today, averaging a discount of 150 yuan/mt, up 20 yuan/mt from the previous trading day. Transaction prices ranged from 84,740 to 85,270 yuan/mt, with an average of 85,005 yuan/mt, down 765 yuan/mt from the previous trading day.

According to SMM, the comprehensive operating rate of the enamelled wire industry in September was 68.12%, up 1.56 percentage points MoM and up 4.15 percentage points YoY. Among them, the operating rate of large enterprises was 66.11%, that of medium-sized enterprises was 72.15%, and that of small enterprises was 70.29%. 

SMM Morning Meeting Minutes: LME copper opened at $10,554/mt overnight, initially fluctuating downward to touch a low of $10,463/mt, then the center of copper prices rose all the way, approaching the end of the session to touch a high of $10,620.5/mt, and finally closed at $10,598.5/mt, down 1.88%, with trading volume reaching 29,000 lots and open interest reaching 323,000 lots. The most-traded SHFE copper contract 2511 opened at 84,180 yuan/mt overnight, touched a low of 83,890 yuan/mt at the opening, then the center of copper prices fluctuated upward all the way, approaching the end of the session to touch a high of 84,960 yuan/mt, and finally closed at 84,890 yuan/mt, down 0.96%, with trading volume reaching 56,000 lots and open interest reaching 182,000 lots.

SMM Analysis: According to SMM, China's copper foil enterprise operating rate reached 82.17% in September 2025, up 3.73 percentage points MoM and up 7.54 percentage points YoY...