SMM Official Announcement: Launch of EXW Dar es Salaam and EXW Durban EQ Copper Cathode Premium Assessments

The Port of Dar es Salaam in the United Republic of Tanzania and the Port of Durban in the Republic of South Africa serve as critical export and trade hubs for copper cathode in East and Southern Africa. As Africa's copper cathode production continues to grow steadily, an increasing volume of copper transactions by producers and traders has adopted EXW (Ex Works) delivery terms at these ports.

Based on market research and data from cooperating enterprises, Shanghai Metals Market (SMM) is pleased to introduce two new price assessments: EXW Dar es Salaam EQ Copper Cathode Premium and EXW Durban EQ Copper Cathode Premium. These assessments aim to reflect the actual trading premiums in EXW transactions at the respective ports. The prices will be officially launched on June 2, 2025 (the first working week), with historical data available on the SMM website (www.smm.cn).

Price Definition:
These assessments reflect the daily premium for LME Grade A copper cathode (meeting the 99.9935% Cu purity standard) delivered EXW—i.e., made available at the Port of Dar es Salaam or Port of Durban, exclusive of export clearance, transportation, and related costs. The premium is quoted relative to the LME 3-month contract price plus the applicable QP (quotation period) adjustment.

Data Collection:
SMM will collect relevant data from designated contributing entities based on formal agreements. Price analysts will contact designated representatives via telephone, instant messaging, fax, or email between 9:30 a.m. and 11:30 a.m. (Beijing time) on each trading day. Data submitted after 11:30 a.m. or lacking the required minimum information will not be considered for that day’s price assessment. Accepted data may include confirmed transaction prices, best-expected trade levels, firm offers, and bids. The frequency of data collection will be determined based on the trading volume and activity of each contributor. While not all contributors are contacted daily, each will be engaged at least twice per week.

Price Publication:
The EXW Dar es Salaam and EXW Durban EQ copper cathode Premiums will be published on each official Chinese trading day at 11:30 a.m. on the SMM website (www.smm.cn). In the event of unexpected disruptions or force majeure (e.g., power outages or natural disasters), the publication schedule may be delayed. SMM will make every effort to notify the market promptly in such cases.

Methodology Revisions:
As market conditions evolve, SMM remains committed to regularly reviewing and updating its methodologies to ensure alignment with current practices. Based on industry feedback, internal reviews will be conducted periodically. Any non-urgent, material changes will undergo a formal public consultation process. Major updates will be announced with a minimum 28-day notice period to invite industry feedback, unless exceptional circumstances such as force majeure (natural disasters, war, exchange insolvency, etc.) require a shortened notice.

For additional inquiries or feedback regarding the SMM EXW Dar es Salaam EQ Copper Cathode Premium or the SMM EXW Durban EQ Copper Cathode Premium, please contact:
Cihengyang
Tel: +86 21 5159 5967
Email: cihengyang@smm.cn