Today, spot #1 copper cathode in North China traded at a discount of 190 yuan/mt to 150 yuan/mt against the front-month contract, with an average discount of 170 yuan/mt, a decrease of 20 yuan/mt from the previous trading day. The transaction prices ranged from 79,560 yuan/mt to 79,680 yuan/mt, with an average price of 79,620 yuan/mt, a decrease of 650 yuan/mt from the previous trading day.

[SMM Morning Meeting Summary: Uncertainty Persists Over US Tariff Issues, Copper Prices Encounter Resistance] On July 4, spot prices of #1 copper cathode against the 2507 contract for the current month were reported at a premium of 70-160 yuan/mt, with an average premium of 115 yuan/mt, unchanged MoM...

[LME copper and SHFE copper both close lower; tariff uncertainty weighs on copper prices] Macro side, Trump said he might send 12 or 15 tariff-related letters on Monday, while also signing the "Big and Beautiful" tax and spending bill. The uncertainty surrounding tariffs has caused copper prices to encounter resistance. The market's focus has shifted to the July 9 deadline set by Trump for the temporary suspension of tariffs, when the US will impose reciprocal tariffs on countries that have not yet reached a trade agreement. US Treasury Secretary Bessent said that multiple major agreements are close to being finalized. If countries that receive tariff letters fail to reach an agreement, the tax rate will revert to April levels starting from August 1.

[SMM Special Report: Copper Market Competition Escalates in H2 - Who Will Dominate amid Macro Policies, Supply-Demand Pattern, and Tariff Disruptions?] Copper prices ended H1 on an upward trend this year - LME copper saw a 12.66% increase in its semi-annual line, SHFE copper rose by 8.22%, and SMM #1 copper cathode recorded a cumulative increase of 8.4% in H1. Now, as H2 unfolds, whether these factors that drove copper prices higher in H1 will continue to play a role has become the focus of market attention!