SMM Analysis: In August 2025, SMM quoted blister copper RCs in south China at 750-950 yuan/mt, averaging 850 yuan/mt, up 50 yuan/mt MoM...

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, social inventory in Shanghai continued to decline slightly at the beginning of the week, with limited shipments from surrounding smelters in the short term. Although arrivals of imported copper increased in the short term, they were insufficient to fill the demand gap. Spot premiums are expected to remain firm tomorrow.

SMM's monthly production data for base metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the metals market.

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 70-30 yuan/mt, averaging a discount of 50 yuan/mt, up 20 yuan/mt from the previous trading day. The transaction price ranged from 79,490 to 79,740 yuan/mt, averaging 79,615 yuan/mt, up 545 yuan/mt from the previous trading day.

Futures: LME copper opened at $9,899/mt on Friday night, initially touched a low of $9,881/mt, then entered sideways movement with prices gradually moving upward, nearing a high of $9,924.5/mt before closing at $9,906/mt, up 0.68%.

SMM Morning Meeting Summary: On Friday night, LME copper opened at $9,899/mt, initially touched a low of $9,881/mt, then entered sideways movement with prices gradually shifting upward. Near the session close, it reached a high of $9,924.5/mt and finally settled at $9,906/mt, up 0.68%. Trading volume stood at 23,000 lots, while open interest reached 268,000 lots. The most-traded SHFE copper 2510 contract opened at 79,670 yuan/mt, initially fluctuated downward to touch a low of 79,460 yuan/mt, then saw its price center gradually rise. Near the session close, it hit a high of 79,730 yuan/mt and ultimately closed at 79,680 yuan/mt, up 0.58%. Trading volume totaled 23,000 lots, with open interest at 174,000 lots.

[SMM Analysis: Policy Impact on Raw Material Prices Requires Time for Suppliers to Adapt] In August, copper prices exhibited a fluctuating upward trend overall, with a monthly increase of 430 yuan/mt. During the same period, bare bright copper prices ranged between 73,300-73,500 yuan/mt, rising by 300 yuan/mt. At the beginning of the month, the US Fed's interest rate meeting did not signal a significant interest rate cut in September, but due to favorable Chinese macro data, copper prices gained support and steadily rose...