[SMM spot copper] Looking ahead to tomorrow, with copper prices surging and consumption unlikely to improve, it is expected that spot premiums will continue to be suppressed. However, as the price spread between futures contracts has not widened further, there is limited room for spot premiums to decline.

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...