Downstream purchasing sentiment continues to weaken, and weak buying interest drags down spot premiums [SMM North China Spot Copper]

[Latest data from the General Administration of Customs] In June 2026, China imported 210,900 mt in physical content of copper scrap and shredded copper scrap. Of this, 133,000 mt were imported through Ningbo Customs, ranking first and accounting for 63.07%; and 24,600 mt were imported through Shenzhen Customs, ranking second and accounting for 11.67%. (HS code: 74040000)

[SMM Shanghai spot copper] Looking ahead to tomorrow, approaching month-end, suppliers are gradually starting to quote for cargoes with invoices dated next month, with the divergence in invoice structures widening the price spread between this-month and next-month invoice cargoes. Some buyers need to restock cargoes with invoices dated this month, making such cargoes relatively tight. End-use consumption side, copper prices stay high, downstream purchase willingness remains sluggish, and intraday end-user transactions were sluggish. Suppliers only secured limited transactions after continuously lowering quotes, reflecting that current high copper prices are still significantly suppressing demand. According to SMM, affected by the accumulation of finished product inventories, some downstream processing enterprises further slowed their procurement pace. Supply side, the intraday spot market saw some imported cargoes circulating, including brands such as Peruvian large plates, ESOX, and Myanmar. Import arrivals at ports are supplementing spot supply, marginally easing the previously tight availability of spot cargoes. SMM recorded social inventory in Shanghai at 70,000 mt, up 1,700 mt WoW from last Thursday, and in Jiangsu at 21,700 mt, down 300 mt WoW. Overall, considering the combined impact of import arrivals, weak consumption, and month-end invoice differentiation, spot copper against the SHFE copper 2608 contract is expected to stay at a premium tomorrow.