SMM Analysis: The tight situation in the blister copper market eased in October in China, and SMM expects the market to gradually loosen entering November...

[SMM Shanghai Spot Copper] Tomorrow, copper prices are expected to fall to around 87,000 yuan/mt, and downstream purchasing sentiment has improved compared to earlier. However, due to the noticeable inventory buildup in the Shanghai area, downstream buyers are likely to continue to drive down prices in procurement, and spot premiums for SHFE copper are not expected to see a significant rebound.

Data released by Chile's National Statistics Institute (INE) on Thursday, October 30, showed that the country's copper production in September fell 4.5% YoY to 456,663 mt.  

On October 30, at the main forum of the CCAE2025 SMM (14th) Copper Industry Annual Conference and the 2nd Shanxi Copper-Based New Materials Industry Chain Development Conference, hosted by SMM Information & Technology Co., Ltd. and Zhongtiaoshan Nonferrous Metals Group Co., Ltd., Ye Jianhua, SMM Big Data Director,  analyzed the current market uncertainties, supply and demand, and prices in the copper market, discussed the impact of factors such as Trump's policies, mine production, trade patterns, and the supply-demand balance on the market, and provided an outlook on the future trends of the copper market.

Spot prices of #1 copper cathode in North China against the front-month contract were at a discount of 210–150 yuan/mt today, averaging a discount of 180 yuan/mt, up 30 yuan/mt from the previous trading day. Transaction prices ranged from 86,530 to 86,800 yuan/mt, with an average of 86,665 yuan/mt, down 695 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: LME copper opened at $10,857.5/mt overnight on Friday, with prices initially rising to a high of $10,948/mt before fluctuating downward to a low of $10,834.5/mt, then fluctuating upward to close at $10,891.5/mt, down 0.35%, with a trading volume of 21,000 lots and open interest of 336,000 lots. The most-traded SHFE copper 2512 contract opened at 87,210 yuan/mt overnight, initially falling to a low of 86,700 yuan/mt before fluctuating upward to a high of 87,450 yuan/mt near the close, then fluctuating downward to close at 87,130 yuan/mt, down 0.09%, with a trading volume of 76,000 lots and open interest of 254,000 lots.

[SMM Analysis:The Cu SHFE/LME ratio may continue to improve in November]