Copper prices stabilize at highs, while Shanghai spot copper transactions weaken [SMM Shanghai spot copper]

Published: Jul 3, 2025 12:47

Save

[SMM spot copper] Tomorrow is Friday. Under the high copper prices, downstream purchasing sentiment remains low. There are imported arrivals in the market, and the overall supply is not tight. It is expected that tomorrow's transaction volume will be flat with today's.

SMM News on July 3:

Today, the spot prices of SMM #1 copper cathode against the July 2507 contract were reported at a premium of 70-160 yuan/mt, with an average premium of 115 yuan/mt, down 5 yuan/mt from the previous trading day. The SMM #1 copper cathode price range was 80,870-81,090 yuan/mt. In the morning session, the SHFE copper 2507 contract slipped from above 81,000 yuan/mt, with continuous long position liquidation driving the futures market down to 80,760 yuan/mt before gradually recovering to around 80,900 yuan/mt. The BACK price spread between futures contracts fluctuated within 210-250 yuan/mt.

Trading sentiment was sluggish during the day. After the initial morning quotes, suppliers continued to swiftly lower their prices, reverting to yesterday's price range, but transactions remained unsatisfactory. In the morning, suppliers quoted mainstream parity at 80-100 yuan/mt, with subsequent premiums of 70 yuan/mt being purchased by the market. High-quality copper supply remained tight, with premiums of 130-160 yuan/mt. There was Myanmar-origin SX-EW copper available during the day, trading at a discount of 20 yuan/mt to parity. Non-registered copper supply was not abundant, trading at a discount of around 50 yuan/mt.

Tomorrow is Friday. Downstream purchasing sentiment remains low amid high copper prices. There are expected arrivals of imported copper, and overall supply is not tight. It is anticipated that tomorrow's trading volume will be similar to today's.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Feb 6, 2026 23:56

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

Feb 6, 2026 23:56

Feb 6, 2026 23:54

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

Feb 6, 2026 23:54

Feb 6, 2026 23:47

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

Feb 6, 2026 23:47