[SMM Analysis: Import and Export Market Analysis of China's Copper Foil Industry in H1 2026] According to data from the General Administration of Customs, China's cumulative copper foil exports in January–June 2026 were 39,700 mt, up 72.83% YoY; cumulative copper foil imports in January–June were 45,100 mt, up 12.17% YoY, with import growth significantly lower than export growth...

China sulphuric acid market continues weak, regional declines widen, index falls [SMM Sulphuric Acid Weekly Review]

SMM, July 31: This week, LME copper prices showed an overall trend of drifting higher. On Monday, LME copper prices opened at $13,637.5/mt and then drifted higher. Although copper prices edged up, the overall payable indicator for ex-China copper scrap did not pull back significantly. In terms of prices, the transaction payable rate for bare bright copper stayed within the 98.5%-99% range. For No.1 and No.2 copper, impacted by the concentrated maintenance period at some smelters, demand side slowed slightly, and the quoted payable indicators edged down by an average of about 0.2 percentage points. On the transaction side, the stronger copper prices boosted ex-China suppliers' willingness to sell to some extent. Meanwhile, as the ex-China recycling off-season gradually ended, the tight circulation of copper scrap in the market eased slightly from before. However, against the backdrop of high copper prices and the traditional consumption off-season, downstream orders still performed relatively flat, with purchases remaining just-in-time procurement, and overall buying interest limited. Notably, spot premiums for copper cathode stayed high recently, coupled with tight spot supply of copper cathode, which fueled relatively strong demand for bare bright copper, a direct substitute for copper cathode. Consequently, the payable rate for bare bright copper did not pull back with rising copper prices but instead retained some upside support. Overall, transactions in the ex-China copper scrap market improved WoW, but the market atmosphere remained sluggish. Looking ahead to next week, with copper prices staying high and downstream orders in the consumption off-season remaining weak, downstream enterprises are expected to maintain cautious procurement sentiment, and demand side is unlikely to see a significant volume increase. In terms of payable rates, tight supply will continue to support prices, but demand, dominated by just-in-time procurement, will cap further upside room. The payable rate for ex-China copper scrap is expected to remain stable overall in the short term.

July 30, 2026 Guangdong region: This week, premiums in the region bottomed out. At the beginning of the week, premiums fell significantly due to a sharp increase in inventory. As downstream consumption gradually improved and inventory declined, spot premiums rebounded. As of Thursday, high-quality copper was reported at 150 yuan/mt, down 50 yuan/mt from last Thursday; standard-quality copper at a premium of 80 yuan/mt, down 60 yuan/mt from last Thursday; and SX-EW copper at a premium of 20 yuan/mt, down 60 yuan/mt from last Thursday. On Thursday, the price spread of standard-quality copper premiums between Shanghai and Guangdong showed Shanghai at a 140 yuan/mt higher, a relatively small spread, with no cross-region shipments this week. According to SMM statistics, as of Thursday, total inventory in Guangdong warehouses stood at 17,000 mt, up 1,800 mt from last Thursday, with warrant holdings totaling 3,900 mt, down 200 mt from last Thursday. Specifically: Warehouse arrivals this week were 10,900 mt/week, down 4,100 mt/week from last week and significantly below the annual average of 14,000 mt/week. Imports of copper decreased notably this week, and arrivals of domestic copper also declined WoW. Warehouse withdrawals were 9,800 mt/week, down sharply by 12,600 mt from last week and far below the annual average of 14,200 mt/week. Sluggish end-use consumption this week led to a significant drop in withdrawals. Looking ahead to next week, arrivals are expected to increase slightly compared to this week, consumption is expected to edge up only slightly, total inventory is expected to edge up, and spot premiums are expected to remain stable. (The above information is based on market data collection and comprehensive assessment by the SMM research team. The information provided is for reference only. This article does not constitute direct investment research or decision-making advice. Clients should make prudent decisions and not use this as a substitute for their own independent judgment. Any decisions made by clients are not related to Shanghai Metals Market.)

SMM, July 29: Today, spot #1 copper cathode in Guangdong against the front-month contract was quoted at premiums of 80-150 yuan/mt, with an average premium of 115 yuan/mt, up 10 yuan/mt from the previous trading day. SX-EW copper was quoted at premiums of 10-30 yuan/mt, averaging 20 yuan/mt, also up 10 yuan/mt on the day. The average price of #1 copper cathode in Guangdong stood at 105,080 yuan/mt, down 20 yuan/mt from the previous trading day, while SX-EW copper averaged 104,985 yuan/mt, also down 20 yuan/mt. Spot market: Guangdong inventory edged down slightly today, mainly due to reduced arrivals. Market expectations of tighter supply ahead prompted suppliers to actively hold prices firm while selling, and premiums edged up slightly from yesterday. The buying sentiment for copper cathode in Guangdong was 2.55, up 0.01 from the previous trading day, while the selling sentiment was 2.94, also up 0.01 (historical data can be accessed in the SMM database). As of 11:00 am, high-quality copper against the front-month contract was quoted at a premium of 150 yuan/mt, standard-quality copper at 80 yuan/mt, and SX-EW copper at 20 yuan/mt. Overall, with inventory showing signs of decline, suppliers held prices firm while selling, and spot premiums edged up slightly. Trading was generally moderate.

Today, spot #1 copper cathode in North China against the front-month contract was reported at average premiums of 40 yuan/mt to 130 yuan/mt, with an average premium of 85 yuan/mt, down 10 yuan/mt from the previous trading day. The average transaction price was 105,035 yuan/mt, down 25 yuan/mt from the previous trading day.