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 prices ranged from 78,240 yuan/mt to 78,340 yuan/mt, with an average price of 78,290 yuan/mt, up 20 yuan/mt from the previous trading day.

[SMM Morning Meeting Summary: Macro Policy Uncertainty Limits Upside Room for Copper Prices] On August 7, spot premiums for SMM #1 copper cathode against the August 2508 contract were reported at a premium of 70-150 yuan/mt, with an average premium of 110 yuan/mt, up 10 yuan/mt MoM. Inventory declined slightly during the week, primarily due to the digestion of imported supplies at low prices and limited domestic replenishment. Spot premiums are expected to remain firm today...

[SMM Analysis: SMM Copper Concentrate Procurement and Sales Sentiment Index Now Live] The trading situation in the spot market for copper concentrates exhibits significant volatility, with trading volumes and market sentiment fluctuating. This instability poses considerable challenges for the operational decision-making of enterprises within the industry chain. To better serve participants in the spot market for copper concentrates, the SMM Copper Research Team, leveraging its professional market research experience, has developed the Copper Concentrate Spot Procurement and Sales Sentiment Index. This index is based on the original SMM Copper Concentrate Index methodology and has been refined through long-term data accumulation and repeated validation. By constructing a multi-dimensional quantitative model that comprehensively considers various market factors such as spot trading volumes, quotation activity, and the willingness of buyers and sellers, the index objectively reflects the true trading psychology of market participants. The SMM team updates this index at 12:00 PM on the last working day of each week, providing timely and accurate market sentiment references for enterprises within the industry chain, including smelters, traders, and mines. This innovative indicator not only possesses quantifiable and traceable characteristics but also serves as an early warning system for abnormal market fluctuations, assisting enterprises in making more scientific decisions in procurement, sales, and other aspects, thereby effectively mitigating market risks and seizing trading opportunities.

According to SMM, although the US and Mexico are still negotiating the possibility of tariffs, currently, there are still hefty tariffs on copper pipes exported from Mexico to the US. Against the backdrop of undersupply of local copper pipes, copper tube & pipe processing fees in the US have risen significantly. It is necessary to pay attention to whether the US will relax tariffs on the import of relevant copper semis from Mexico to supplement local supply. It is worth noting that, in addition to air-conditioning pipes, China still exports industrial pipes and other pipe accessories to the US. Enterprises in this sector will also reduce orders to the US in the face of hefty tariffs.

According to SMM data, the operating rate of machines in the enamelled wire industry rebounded by 0.4 percentage points WoW to......

[SMM spot copper] Inventory declined slightly during the week, mainly due to the digestion of imported supplies at low prices and limited domestic replenishment. It is expected that spot premiums will remain firm tomorrow.

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.