Today, spot #1 copper cathode in North China traded at a discount of 200 yuan/mt to 80 yuan/mt against the front-month contract, with an average discount of 140 yuan/mt, a decrease of 20 yuan/mt from the previous trading day. The transaction prices ranged from 80,610 yuan/mt to 80,850 yuan/mt, with an average price of 80,730 yuan/mt, an increase of 845 yuan/mt from the previous trading day.

Copper prices have broken through the 80,000 yuan/mt threshold. Last year's delayed demand release versus this year's early overdraft. How are the operating rates and inventories of downstream copper wire and cable enterprises? Here is a detailed analysis:

[SMM Analysis: High Copper Prices Suppress Purchase Willingness, Contradiction Between Operating Rate and Inventory of Copper Wire and Cable Intensifies in June] According to SMM, the operating rate of domestic wire and cable enterprises in June this year was 72.41%, down 9.27 percentage points MoM and up 0.76 percentage points YoY, which was 5.06 percentage points lower than expected. Among them, the operating rate of large enterprises was 76.99%...

SMM Morning Meeting Summary: Overnight, LME copper opened at $9,927/mt, surging straight up in the early session to hit an intraday high of $10,000/mt, before fluctuating upward throughout the session. It pulled back towards the end of the session, hitting an intraday low of $9,917.5/mt, and finally closed at $9,943/mt, up 0.66%. Trading volume reached 22,000 lots, and open interest reached 284,000 lots. Overnight, the most-traded SHFE copper 2508 contract opened at 80,620 yuan/mt, hitting an intraday high of 80,930 yuan/mt in the early session, before fluctuating downward throughout the session. It hit an intraday low of 80,320 yuan/mt towards the end of the session, and finally closed at 80,390 yuan/mt after consolidating horizontally, up 0.46%. Trading volume reached 54,000 lots, and open interest reached 223,000 lots.

SMM Analysis: In June 2025, blister copper RCs in south China were quoted at 700-900 yuan/mt, with an average price of 800 yuan/mt, up 100 yuan/mt MoM. Blister copper RCs in north China were quoted at 650-850 yuan/mt, with an average price of 750 yuan/mt, unchanged MoM...

[SMM Analysis: Supply-Demand Imbalance Makes It Hard to Change the Blister Copper Market Pattern, with Blister Copper RCs Remaining Stable at a Low Level] In June 2025, the domestic blister copper RCs in south China were quoted at 700-900 yuan/mt, with an average price of 800 yuan/mt, up 100 yuan/mt MoM; the domestic blister copper RCs in north China were quoted at 650-850 yuan/mt, with an average price of 750 yuan/mt, unchanged MoM...