[SMM Shanghai Spot Copper] Copper prices stabilized at 80,000 yuan/mt, downstream stocking sentiment remained weak. From the spot copper transaction sentiment in the first half of the week, this year's National Day stockpiling was weaker compared to the same period last year. Spot transactions are expected to continue around parity tomorrow.

Spot prices of #1 copper cathode in North China against the front-month contract were at a discount of 100-80 yuan/mt today, with the average discount at 90 yuan/mt, unchanged from the previous trading day. Transaction prices ranged from 79,840 to 79,960 yuan/mt, with the average at 79,900 yuan/mt, up 35 yuan/mt from the previous trading day.

SMM Morning Meeting Summary: LME copper opened at $9,976/mt overnight, fluctuated considerably after opening and touched a low of $9,966/mt, then the center of copper prices rose to a high of $9,998/mt and showed a "W" pattern, finally closing at $9,990/mt, down 0.08%, with trading volume at 11,000 lots and open interest at 289,000 lots. The most-traded SHFE copper 2511 contract opened at 79,980 yuan/mt overnight, touched a high of 80,100 yuan/mt at the beginning of the session, then the center moved downward to a low of 79,860 yuan/mt, afterward fluctuated upward to a high level, finally consolidated sideways and closed at 79,970 yuan/mt, up 0.04%, with trading volume at 20,000 lots and open interest at 174,000 lots.

SMM Analysis: According to data from the General Administration of Customs, China's copper foil (HS codes: 74101100, 74102190) imports in August 2025 reached 6,822.56 mt, up 2.94% YoY and up 5.41% MoM...

[SMM Shanghai Spot Copper] Copper prices are expected to continue fluctuating around 80,000 yuan/mt tomorrow. Downstream stockpiling for the National Day holiday is progressing slowly, and spot premiums are anticipated to remain near parity.