SMM Analysis: According to data from the General Administration of Customs, China imported 61,300 mt of copper anodes (HS code: 74020000) in December 2025, up 5.15% MoM but down 23.52% YoY...

According to the latest customs data, China's imports of copper-zinc alloy (brass) bars and rods reached 2,237.18 mt in physical content in December 2025.

[SMM Shanghai Spot Copper] Copper prices are expected to move lower tomorrow, with market trading activity improving. Suppliers showed stronger willingness to hold prices firm today, and transactions for some scarce spot cargo were relatively active. It is anticipated that supplier quotations will remain relatively stable tomorrow.

Today in North China, spot prices of #1 copper cathode against the front-month contract were at a discount of 450-330 yuan/mt, with an average discount of 390 yuan/mt, up 10 yuan/mt from the previous trading day. Transaction prices ranged from 99,650-100,050 yuan/mt, with an average price of 99,850 yuan/mt, down 625 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: LME copper opened at $12,869.5/mt overnight, initially touching a high of $12,933.5/mt before the center of copper prices moved downward, hitting a low of $12,680/mt followed by a slight correction, and finally closed at $12,796.5/mt, down 1.47%, with trading volume reaching 28,000 lots and open interest at 326,000 lots, down 589 lots from the previous session, mainly due to long liquidation. The most-traded SHFE copper contract 2603 opened at 101,020 yuan/mt overnight, initially touching a high of 100,900 yuan/mt before the center of copper prices moved downward, hitting a low of 99,210 yuan/mt, and finally closed at 99,930 yuan/mt, down 1.29%, with trading volume reaching 123,000 lots and open interest at 218,000 lots, down 1,278 lots from the previous session, also mainly reflecting long liquidation.

The latest data from the General Administration of Customs shows that in December 2025, China imported 239,000 mt in physical content of copper scrap and shredded copper scrap, up 14.81% MoM and 9.88% YoY. For the full year of 2025, cumulative imports reached 2.3427 million mt in physical content, up 4.12% YoY. China's secondary copper raw material imports maintained an overall stable and positive development trend amid a complex international economic and trade environment. (HS code: 74040000)