The operating rate for secondary copper rod was 28.33% in September, higher than the expected 27.43%, but decreased by 2.57% MoM and increased by 3.62% YoY. In the third quarter of 2025, the secondary copper rod industry underwent significant adjustments amid policy uncertainties stemming from Notice No. 770. This notice requires local governments to standardize investment promotion practices and eliminate irregular tax incentives and subsidy policies, directly impacting the cost structure and production plans of secondary copper rod enterprises. According to surveys, enterprises in traditional industrial clusters such as Jiangxi and Anhui suspended production on a large scale while awaiting detailed policy guidelines, leading to a sharp decline of approximately 30% in national secondary copper rod production in August, equivalent to a reduction in supply of about 48,800 mt.

[SMM Shanghai Spot Copper] Copper prices are expected to continue rising tomorrow, with downstream purchasing sentiment remaining rigid. However, spot discounts continue to widen, prompting traders to show a willingness to purchase, and transactions are expected to improve slightly.

SMM Morning Meeting Minutes: LME copper opened at $10,941.5/mt overnight, initially testing the low at $10,935/mt, then copper prices rose steadily to a high of $11,048/mt, before consolidating and closing at $11,029.5/mt, up 0.26%, with trading volume reaching 22,000 lots and open interest at 323,000 lots. The most-traded SHFE copper contract 2512 opened and tested the low at 87,220 yuan/mt overnight, then copper prices rose steadily, approaching a high of 88,120 yuan/mt near the end of the session, before finally closing at 87,910 yuan/mt, up 0.25%, with trading volume at 81,000 lots and open interest at 283,000 lots.

[SMM Shanghai Spot Copper] Copper prices are expected to see a slight pullback tomorrow, improving market procurement sentiment, though just-in-time procurement remains the dominant approach. Low-priced spot cargoes are attracting traders to stockpile, and spot discounts for SHFE copper are anticipated to see limited declines tomorrow.

SMM Morning Meeting Minutes: LME copper opened at $11,030.5/mt overnight, reaching an intraday high of $11,042/mt upon opening, after which copper prices trended downward, touching a low of $10,917/mt, and finally closed at $11,000.5/mt, up 0.49%, with trading volume reaching 25,000 lots and open interest at 321,000 lots. The most-traded SHFE copper contract 2512 opened at 88,160 yuan/mt overnight, hitting an intraday high of 88,270 yuan/mt upon opening, after which copper prices trended downward, touching a low of 87,310 yuan/mt, and finally closed at 88,130 yuan/mt, up 0.22%, with trading volume reaching 117,000 lots and open interest at 287,000 lots.

October 27, 2025: Today, warrant prices were $30-40/mt, QP November, with the average price down $3/mt from the previous trading day; B/L prices were $42-64/mt, QP November, with the average price flat from the previous trading day.