Today, spot #1 copper cathode in North China traded at a discount of 140 yuan/mt to 100 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 78,200 yuan/mt to 78,340 yuan/mt, with an average price of 78,270 yuan/mt, up 140 yuan/mt from the previous trading day.

According to SMM data, the composite operating rate of copper billet producers in July 2025 was 44.82%, down 1.33 percentage points MoM and 2.61 percentage points YoY. Specifically, the operating rate of large enterprises was 48.74%, showing relatively stable performance; the operating rate of medium-sized enterprises was 41.21%, at a moderate level; and the operating rate of small enterprises was 29.31%, the weakest performance. The industry as a whole was still in the adjustment phase of the off-season demand.

SMM Analysis: According to SMM, in July 2025, the operating rate of China's copper foil enterprises was 77.28%, up 2.50 percentage points MoM and 11.00 percentage points YoY...

[SMM Morning Meeting Summary: Copper Cathode Supply Stable, Copper Prices Still Supported Below] On August 6, SMM #1 copper cathode spot premiums against the August 2508 contract were reported at a premium of 50-150 yuan/mt, with an average premium of 100 yuan/mt, down 30 yuan/mt MoM. Looking ahead to today, copper prices are expected to remain stable above 78,000 yuan/mt. With insufficient new orders from downstream sectors, procurement demand is anticipated to be constrained, and there is still a risk of a decline in spot premiums.....

[SMM spot copper] Looking ahead to tomorrow, copper prices are expected to remain stable above 78,000 yuan/mt. With insufficient new orders from downstream industries, it is anticipated that procurement demand will be constrained, and there is still a risk of a decline in spot premiums.

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.