Guidelines for the Establishment of Benchmark Prices for the Sale of Metallic Mineral and Coal Commodities (No. 268.K/MB.01/MEM.B/2025)

[SMM spot copper] Looking ahead to tomorrow, domestic arrivals will supplement the market, and the premium increase will be limited. However, due to the high purchase costs for suppliers over the past two days, it is expected that their willingness to sell at low prices will decrease. Moreover, under the current Contango structure, suppliers are unwilling to sell at low prices, and their delivery willingness is also low.

Today, spot #1 copper cathode in North China traded at a discount of 140 yuan/mt to 100 yuan/mt against the front-month contract, with an average discount of 120 yuan/mt, unchanged from the previous trading day. The transaction price ranged from 78,790 yuan/mt to 78,870 yuan/mt, with an average price of 78,830 yuan/mt, down 35 yuan/mt from the previous trading day.

According to SMM, the operating rate of copper plate/sheet and strip enterprises stood at 65.63% in July 2025, down 1.11 percentage points MoM and 2.15 percentage points YoY. Among them, the operating rate of large enterprises was 70.19%, that of medium-sized enterprises was 58.77%, and that of small enterprises was 62.62%. 

According to SMM, the composite operating rate of the enamelled wire industry in July was 67.25%, down 2.68 percentage points MoM and 0.54 percentage points YoY. By enterprise size, the operating rate of large enterprises was 65.74%, that of medium-sized enterprises was 70.85%, and that of small enterprises was 67.32%.

[SMM spot copper] Looking ahead to tomorrow, copper prices have once again touched 79,000 yuan/mt. The purchasing sentiment is low during the day, and suppliers are holding inventory under a Contango structure, refusing to budge on prices for sources with good liquidity. However, some suppliers with a need to unload goods are offering low-priced "supplies" to downstream buyers, leading to a large price spread between brands. It is expected that there will be limited downside room for a significant drop in spot premiums for SHFE copper tomorrow.

Today, spot #1 copper cathode in North China traded at a discount of 140 yuan/mt to 100 yuan/mt against the front-month contract, with an average discount of 120 yuan/mt, unchanged from the previous trading day. The transaction price ranged from 78,810 yuan/mt to 78,920 yuan/mt, with an average price of 78,865 yuan/mt, up 575 yuan/mt from the previous trading day.