[SMM Shanghai Spot Copper] Next week, the outflow of warrants and the arrival of imported cargoes are expected to put pressure on the market. The decline in copper prices is expected to provide downstream purchasing opportunities, and trading sentiment is anticipated to improve relatively.

The impact of the National Day holiday has largely subsided, and the operating rate in the enamelled wire industry rebounded by 3.87 percentage points this week, reaching ...

SMM Morning Meeting Minutes: LME copper opened at $10,560.5/mt overnight, initially touched a low of $10,490/mt, then copper prices rose all the way to a high of $10,659.5/mt near the end of the session, and finally closed at $10,620/mt, up 0.42%, with trading volume reaching 20,000 lots and open interest reaching 320,000 lots. The most-traded SHFE copper 2512 contract opened at 84,530 yuan/mt overnight, initially touched a low of 84,510 yuan/mt, then fluctuated upward to a high of 85,430 yuan/mt, and finally closed at 85,140 yuan/mt, up 0.09%, with trading volume reaching 55,000 lots and open interest reaching 216,000 lots.

According to SMM, the overall operating rate of copper plate/sheet and strip enterprises in September 2025 was 66.02%. Although it increased slightly by 0.15 percentage points MoM from August, it decreased significantly by 6.37 percentage points YoY compared to the same period last year, with the peak season performance falling short of market expectations. Among them, the operating rate of large enterprises was 70.51%, that of medium-sized enterprises was 59.51%, and that of small enterprises was 62.3%.