Please be informed that our English website will suspend news updates during the upcoming National Day holiday and Mid-Autumn Festival from October 1 to October 8, 2025.

The 2025 National Day holiday and Mid-Autumn Festival is approaching. To help users make arrangements in advance, SMM’s work schedule during the dual festival holiday is announced as follows:  

[SMM Shanghai Spot Copper] After the holiday, suppliers are expected to quote high premiums of up to 100 yuan/mt due to high funding costs resulting from elevated copper prices. Additionally, as there are profitable opportunities for copper cathode exports recently, smelters are expected to plan related export arrangements during the holiday period. Although imported copper will supplement supply after the holiday, tight availability of domestic supply ahead of the delivery date is expected to keep premiums firm.

In North China today, spot #1 copper cathode prices against the front-month contract were at a discount of 260-120 yuan/mt, averaging a discount of 190 yuan/mt, down 70 yuan/mt from the previous trading day. Transaction prices ranged from 82,760 to 83,310 yuan/mt, with an average of 83,035 yuan/mt, up 940 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: LME copper opened at $10,262.5/mt overnight, initially dipped to $10,256/mt, then copper prices gradually rose to a high of $10,450/mt, fluctuated considerably, and finally closed at $10,428.5/mt, up 2.19%, with trading volume reaching 25,000 lots and open interest at 300,000 lots. The most-traded SHFE copper contract 2511 opened and touched a low of 82,400 yuan/mt overnight, fluctuated upward to a high of 83,820 yuan/mt, then fluctuated considerably and finally closed at 83,680 yuan/mt, up 1.96%, with trading volume reaching 82,000 lots and open interest at 216,000 lots.

[SMM SHFE Copper Spot] Tomorrow, the last trading day of September, is expected to see reduced trading activity at most enterprises, with the center of spot copper premiums/discounts likely to edge up slightly.

The Ministry of Industry and Information Technology (MIIT) and seven other departments issued the Work Plan for Stable Growth of the Non-ferrous Metals Industry (2025-2026). It mentioned that from 2025 to 2026, the added value of the non-ferrous metals industry is expected to grow by about 5% annually, with economic benefits maintaining a positive trend.