Today, spot #1 copper cathode in North China was traded at a discount of 150 yuan/mt to 90 yuan/mt against the front-month contract, with an average discount of 120 yuan/mt, unchanged from the previous trading day. The transaction prices ranged from 78,300 yuan/mt to 78,430 yuan/mt, with an average price of 78,365 yuan/mt, up 245 yuan/mt from the previous trading day.

SMM Analysis: On August 1, SMM reported weekly blister copper RCs in south China at 800-1,000 yuan/mt, with an average price of 900 yuan/mt, up 100 yuan/mt MoM. However, SMM believes that with tight supplies of both copper concentrates and recycled copper raw materials, the supply outlook for blister copper and anode plates in August is not optimistic, which will contradict the trend of blister copper and anode plate RC...

[SMM Morning Meeting Summary: Expectations for US Fed Interest Rate Cut Heat Up, Boosting Copper Prices] On August 4, spot premiums for SMM #1 copper cathode against the August 2508 contract were reported at a range of 140-220 yuan/mt, with an average premium of 180 yuan/mt, up 5 yuan/mt MoM. Shanghai inventory increased by 8,100 mt to 84,000 mt over the weekend, with most of the increase coming from imported supplies. However, importers were not in a hurry to sell yesterday, and there is pressure to sell imported supplies this week. The center of spot premiums for SHFE copper may decline...

The global competition for critical minerals has reached unprecedented levels in 2025, with major powers implementing aggressive strategies to secure supply chains essential for clean energy technologies, defense systems, and advanced electronics.

SMM's monthly production data for base metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the metals market.

On July 30th, US time, US President Trump signed a proclamation to impose a unified 50% tariff on imported semi-finished copper products and copper-rich derivatives starting from August 1st. The tariff covers semi-finished copper products such as copper pipes & tubes, copper wires, copper billets, copper plates, etc., as well as copper-rich derivatives such as pipe fittings, cables, connectors, electrical components, etc. This news has triggered a strong market reaction. To explore the impact of this tariff policy on the copper industry, we can first look at the import and export situation of copper processed materials in the US.

[SMM Shanghai spot copper] Shanghai inventory increased by 8,100 mt to 84,000 mt over the weekend, with most of the increase supplemented by imported sources. However, importers were not in a hurry to ship goods during the day, and there is pressure to ship imported goods this week. The center of spot premiums for SHFE copper may decline.

Today, in North China, spot #1 copper cathode was trading at a discount of 150 yuan/mt to 90 yuan/mt against the front-month contract, with an average discount of 120 yuan/mt, a decrease of 10 yuan/mt from the previous trading day. The transaction price ranged from 77,960 yuan/mt to 78,110 yuan/mt, with an average price of 78,035 yuan/mt, a decrease of 240 yuan/mt from the previous trading day.