To ensure consistency between the data and its source and respond to customer feedback, we will uniformly adjust the date display of LME inventory data in our non-ferrous metal database.

[SMM Analysis] In H1, uncertainties in trade policies from a macro perspective, particularly the expected US tariffs, became a key force stirring the market. Meanwhile, the divergence in the global economy and the trend of the US dollar also provided support for copper prices. On the fundamental side, global copper ore supply was tight, and copper concentrate TCs declined. Domestically, demand was strong initially but weakened later, while overseas demand showed a divergent trend.

[SMM Analysis: Copper Consumption in New Energy Vehicles in H1 2025] On July 16, the China Association of Automobile Manufacturers (CAAM) released data showing that China's new energy vehicle production reached 6.968 million units from January to June 2025, representing a cumulative year-on-year (YoY) increase of 41.4%. SMM forecasts that China's new energy vehicle production will reach 16.29 million units in 2025, with 9.32 million units produced in H2 2025.