[SMM Analysis] According to data from the General Administration of Customs, China imported 84,200 mt of copper anode (HS code: 74020000) in July 2025, up 22.86% MoM and up 19.08% YoY...

According to the latest data from the General Administration of Customs, China's imports of copper scrap and shredded copper scrap reached 190,100 mt in physical content in July 2025, up 3.73% MoM and down 2.36% YoY. From a cumulative perspective for January-July, imports amounted to 1.3355 million mt, down 0.77% YoY (HS code 74040000). Despite the traditional off-season and the persistent inverted import prices, July imports increased instead of decreasing, once again demonstrating unexpected resilience.

According to data from the General Administration of Customs, China exported 12,543.65 mt of copper enamelled wire in July 2025, up 25.45% YoY and up 2.63% MoM; from January-July, China's total exports of copper enamelled wire reached 82,130.15 mt, up 25.45% YoY. (HS code 85441100)

[SMM Analysis:How to Become Peru’s Largest Copper Mine? Only by Mining for Progress] With steadfast determination and a clear strategy, MMG is steadily enhancing its global copper production capacity and continuously optimizing operational efficiency. Through the outstanding performance of core projects like Las Bambas, the steady ramp-up of new mines, and the solid advancement of expansion plans, the company has not only achieved breakthroughs in both production and cost but has also deeply integrated into local community development in an innovative and responsible manner, building a new sustainable mining model that is enduring and mutually beneficial. These accomplishments paint a future blueprint filled with confidence and growth momentum, marking MMG’s steady progress toward a more influential leadership position in the global copper industry.

[SHFE Copper Spot] Looking ahead to tomorrow, it is expected that there will still be a supply of domestically produced goods, and recently, the price spread between futures contracts has shown a slight widening trend. The spot premiums for SHFE copper are expected to remain under pressure.

In North China, spot #1 copper cathode against the front-month contract was at a discount of 70-50 yuan/mt, with an average discount of 60 yuan/mt, down 20 yuan/mt from the previous trading day. The transaction price ranged from 78,470 to 78,570 yuan/mt, with an average price of 78,520 yuan/mt, down 345 yuan/mt from the previous trading day.

Futures: LME copper opened and hit a high of $9,747/mt overnight, then the price center gradually moved downward, approaching a low of $9,680/mt near the end of the session, and finally closed at $9,684.5/mt, down 0.69%.