Copper prices break through the 110,000 mark, downstream wait-and-see sentiment strong, spot trades sluggish [SMM South China spot copper]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the SHFE copper 2609 contract surged sharply and broke through the 110,000 yuan/mt mark. High copper prices have significantly suppressed downstream procurement, with end-users overall still making just-in-time procurement and showing weak willingness to chase prices. Although intraday procurement sentiment improved from the previous trading day, transactions were mainly concentrated among traders, reflecting that downstream acceptance of current copper prices and spot premiums remains limited. On the other hand, available supply in the Shanghai market remains relatively tight compared with Jiangsu, with limited circulation of some brand cargoes, providing some support to the downside of spot premiums. Meanwhile, the backwardation spread between the front-month and next-month contracts remains in the elevated range of 430-550 yuan/mt, and subsequent changes in the price spread between futures contracts will continue to directly affect suppliers' position rollover and selling pace. Overall, with high copper prices suppressing end-use demand, suppliers lowering prices to facilitate transactions, and tight spot supply providing support, spot prices against the SHFE copper 2609 contract are expected to remain at a premium tomorrow, with the overall center likely to edge lower, but further downside room is relatively limited. Focus on changes in the backwardation structure between the front-month and next-month contracts.

[SMM Imported Copper Concentrate] According to the latest data from the General Administration of Customs, China's copper ore and concentrate imports in August 2026 were 2.508 million mt in physical content, up 5.4% MoM but down 9.8% YoY. Cumulative imports from January to August totaled 19.492 million mt in physical content, down 2.8% YoY. Although August imports rebounded from July, they remained significantly below the same period last year.