According to customs data, China imported 296,900 mt of copper cathode in July, down 1.7% MoM and up 7.56% YoY. SMM compiled data from major producers of non-registered copper cathode, showing that in July, the proportion of such non-registered sources in China's imports exceeded 70% again.

[SHFE Copper Spot] Looking ahead to next week, imports are expected to continue arriving, but domestic supply is set to decrease. With copper prices fluctuating rangebound, downstream buyers are expected to make just-in-time procurement, and SHFE copper spot trades will likely remain in a slight premium.

In North China, #1 copper cathode spot prices against the front-month contract ranged from a discount of 70-50 yuan/mt, with an average discount of 60 yuan/mt, down 10 yuan/mt from the previous trading day. The transaction price was 78,580-78,660 yuan/mt, with an average price of 78,620 yuan/mt, up 30 yuan/mt from the previous trading day.

Futures: LME copper opened at $9,677.5/mt overnight, initially touched a low of $9,673/mt, then the price center gradually moved upward and approached $9,746.5/mt near the end of the session, finally closing at $9,734.5/mt, up 0.14%, with trading volume reaching 10,000 lots and open interest at 264,000 lots.