Today, spot #1 copper cathode in North China traded at a discount of 170 yuan/mt to 70 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 prices ranged from 79,300 yuan/mt to 79,490 yuan/mt, with an average price of 79,395 yuan/mt, an increase of 170 yuan/mt from the previous trading day.

SMM Analysis: According to data from the General Administration of Customs, China imported 68,500 mt of copper anode (HS code: 7402000) in June 2025, down 1.26% MoM and up 2.38% YoY...

Futures market: LME copper opened at $9,851/mt overnight, fluctuated downward to test the low of $9,841/mt at the beginning of the session, then the center of copper prices moved straight up to probe $9,871/mt, followed by considerable fluctuations before finally closing at $9,867/mt, up 0.74%, with trading volume at 14,000 lots and open interest at 266,000 lots.

[SMM Morning Meeting Summary: Weak Support for Copper Prices Amid Weak Supply and Demand] On July 21, spot #1 copper cathode against the August 2508 contract was quoted at a premium of 150-290 yuan/mt, with an average quoted premium of 220 yuan/mt, up 45 yuan/mt from the previous trading day. Looking ahead to today, destocking in Shanghai exceeded 15,000 mt over the weekend, further tightening the mainstream supply. Domestic replenishment failed to arrive in time, and it is expected that mainstream parity transactions will remain firm in the first half of the week...

According to data from the General Administration of Customs, domestic copper plate/sheet and strip exports reached 10,340.7 mt in June 2025, down 6.27% MoM and 9.95% YoY. As of June, cumulative copper plate/sheet and strip exports from China totaled 60,538.83 mt, up 1.29% YoY.

According to data from the online inquiry platform of the General Administration of Customs, China's imports of copper ore and concentrate in June amounted to 2.3497 million mt, down 1.91% MoM and up 1.77% YoY.

Data released by the Online Inquiry Platform for Customs Statistical Data showed that China's imports of copper ores and concentrates reached 2,349,690.57 mt in June 2025, down 1.91% MoM and up 1.77% YoY.