Today, spot #1 copper cathode in North China traded at a discount of 150 yuan/mt to 90 yuan/mt against the front-month contract, with an average discount of 120 yuan/mt, unchanged from the previous trading day. The transaction price ranged from 78,080 yuan/mt to 78,170 yuan/mt, with an average price of 78,125 yuan/mt, down 240 yuan/mt from the previous trading day.

[SMM Morning Meeting Summary: Copper Cathode Supply Shows Loose Trend While Demand Weakens, Copper Prices Encounter Resistance] On August 5, spot prices of #1 copper cathode against the August 2508 contract were reported at a premium of 80-180 yuan/mt, with an average premium of 130 yuan/mt, down 50 yuan/mt MoM. Looking ahead to today, copper prices returning above 78,500 yuan/mt will inevitably exert pressure on downstream procurement. Currently, the circulation of non-registered cargo in the spot market has increased, and downstream buyers' willingness to purchase at lower prices has risen. It is expected that the premium may continue to decline today.....

[SMM spot copper] Looking ahead to tomorrow, the return of copper prices to above 78,500 yuan/mt will inevitably put pressure on downstream procurement. Currently, the circulation of non-registered cargo in the spot market has increased, and downstream buyers' willingness to purchase low-priced cargo has risen. It is expected that the premium will continue to decline tomorrow.

Today, spot #1 copper cathode in North China was traded at a discount of 150 yuan/mt to 90 yuan/mt against the front-month contract, with an average discount of 120 yuan/mt, unchanged from the previous trading day. The transaction prices ranged from 78,300 yuan/mt to 78,430 yuan/mt, with an average price of 78,365 yuan/mt, up 245 yuan/mt from the previous trading day.

SMM Analysis: On August 1, SMM reported weekly blister copper RCs in south China at 800-1,000 yuan/mt, with an average price of 900 yuan/mt, up 100 yuan/mt MoM. However, SMM believes that with tight supplies of both copper concentrates and recycled copper raw materials, the supply outlook for blister copper and anode plates in August is not optimistic, which will contradict the trend of blister copper and anode plate RC...

[SMM Morning Meeting Summary: Expectations for US Fed Interest Rate Cut Heat Up, Boosting Copper Prices] On August 4, spot premiums for SMM #1 copper cathode against the August 2508 contract were reported at a range of 140-220 yuan/mt, with an average premium of 180 yuan/mt, up 5 yuan/mt MoM. Shanghai inventory increased by 8,100 mt to 84,000 mt over the weekend, with most of the increase coming from imported supplies. However, importers were not in a hurry to sell yesterday, and there is pressure to sell imported supplies this week. The center of spot premiums for SHFE copper may decline...

The global competition for critical minerals has reached unprecedented levels in 2025, with major powers implementing aggressive strategies to secure supply chains essential for clean energy technologies, defense systems, and advanced electronics.