After the contract rollover, downstream inquiries were sluggish, and holding prices firm pushed up North China spot copper premiums [SMM North China Spot Copper]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the current social inventory continues to destock rapidly. SMM data shows that Shanghai's social inventory recorded 76,500 mt, down 9,100 mt MoM; Jiangsu's social inventory recorded 19,500 mt, down 6,900 mt MoM, with available spot cargoes remaining persistently tight. From the perspective of supplier behavior, after low-priced cargoes were quickly digested, the market found it difficult to locate discounted cargoes, and suppliers held firm in their intention to support prices. High-quality copper premiums were maintained at a high of 360-400 yuan/mt. After the contract rollover, the backwardation spread between the front-month and next-month contracts narrowed but still stayed at a relatively high level. Overall, with inventory continuing to destock and limited replenishment arrivals, Shanghai spot copper prices against the SHFE 2608 contract are expected to remain at a premium tomorrow, with the overall center possibly moving slightly higher.

[SMM Copper Social Inventory Flash] As of July 16, 2026, SMM social inventory of copper cathode in mainstream regions across China decreased by 41,600 mt WoW from the previous Thursday (July 9), falling to 123,400 mt. By region, in Shanghai and Jiangsu, affected by persistently tight arrivals from imported and domestic sources, inventories saw significant destocking; in Guangdong, arrivals declined, end-use consumption showed mediocre performance, the supply-demand pattern was weak on both sides, and inventories edged down.