[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...

In August, China’s imported copper market remained active, with Yangshan premiums gradually rebounding amid volatility.

Despite extreme supply-side volatility, U.S. copper demand in August–September showed resilience. Manufacturing overall remained soft, but sectors such as power infrastructure, data centers, and electric vehicles (EVs) continued to support copper use.

[SMM Analysis] Despite extreme fluctuations on the copper supply side, downstream consumption in the US showed relative resilience from August to September. While the manufacturing sector remained generally weak, demand from industries such as power, data centers, and new energy vehicles stayed robust. Power grid upgrades, renewable energy projects, and AI-driven data center construction continued to drive up cable and copper busbar consumption.

Overall, the U.S. copper market in August–September shifted to a pattern of collapsing imports, record-high inventories, and normalized spreads, moving from panic buying to forced destocking.

[SMM Analysis] Overall, the US copper cathode market from August to September witnessed a sharp drop in imports, a surge in inventories, and a pullback in price spreads, shifting from panic buying to passive destocking.

[SMM Shanghai Spot Copper] Tomorrow is expected to be the last trading day of the month and a Friday, with spot premiums likely to remain range-bound, maintaining today's trend.