Copper Inventories in China Rise 5,300 mt WoW, Total at 117,200 mt as of July 27, 2026

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, SHFE copper prices pulled back during the day, triggering a slight release of dip-buying inquiries and purchases from some downstream consumers. Buying sentiment in the Shanghai region improved from the previous trading day. However, according to SMM, current end-user orders are still mostly concentrated around 104,500 yuan/mt, and transaction prices for spot cargoes remain some distance away from downstream psychological price levels, leaving actual demand growth relatively limited. With month-end approaching, some buyers still need to restock cargoes with invoices dated this month. Supply of such cargoes is relatively tight, providing some support for their quotes. In comparison, the market for cargoes with invoices dated next month is more abundant, and suppliers show a strong willingness to sell. The price spread between current-month and next-month invoice cargoes is expected to persist. Overall, against the backdrop of copper price pullback driving dip-buying, demand for current-month invoice cargoes providing support, but only limited improvement in end-use consumption, Shanghai spot copper prices against the 2608 contract are expected to remain at a premium tomorrow, with the overall center likely to move sideways around the current level.

Today, spot #1 copper cathode in North China against the front-month contract was quoted at premiums ranging from 40 yuan/mt to 150 yuan/mt, with the average premium at 95 yuan/mt, down 25 yuan/mt from the previous trading day; the average transaction price was 105,060 yuan/mt, down 320 yuan/mt from the previous trading day.