SMM Morning Meeting Summary: Overnight LME copper opened at $14,208/mt, touched a high of $14,218/mt in early fluctuations, then drifted lower all the way to $14,142/mt near the end of the session, and finally closed at $14,153/mt, up 0.23%. Trading volume was 15,700 lots, and open interest stood at 261,000 lots, an increase of 2,675 lots from the previous trading day, indicating an increase in bearish positions. Overnight, the most-traded SHFE copper 2609 contract opened at 108,200 yuan/mt, with the price center moving up to touch 108,320 yuan/mt in early trading, then drifting lower to a low of 107,900 yuan/mt, before closing at 108,000 yuan/mt, up 0.04%. Trading volume reached 21,000 lots, and open interest was 213,000 lots, a decrease of 1,714 lots from the previous trading day, indicating a decrease in bearish positions.

[SMM Shanghai spot copper] Looking ahead to tomorrow, as delivery approaches, the inter-month backwardation has further widened to above 300-400 yuan/mt. The cost of contract rollover rises accordingly for suppliers, and their willingness to sell spot copper increases, significantly capping premiums against the front-month contract. Today, sentiment in sales and procurement improved somewhat from yesterday, but as the SHFE copper price center rose above 108,000 yuan/mt, downstream users still mainly made just-in-time procurement, showing limited acceptance of high-priced offers. Meanwhile, some standard-quality copper has fallen to a discount of 10 yuan/mt to near parity, discounts for non-registered copper have widened further, and low-priced sources continue to weigh on mainstream standard-quality copper quotes. Overall, driven by the widening backwardation spread, increased willingness to sell among suppliers near delivery, and high copper prices suppressing consumption, the price center of Shanghai spot copper quotes against the 2608 contract is expected to continue to shift lower tomorrow, possibly showing a discount.

In accordance with the Measures for the Administration of Delivery Warehouses of Shanghai Futures Exchange and other relevant regulations, it is hereby decided that: 1. Approve the reduction of the approved storage capacity of copper futures at the storage location of Minmetals Wuxi Logistics Park Co., Ltd. at No. 1 Tangang Road, Huishan District, Wuxi City, Jiangsu Province, from 20,000 mt to 15,000 mt; the approved storage capacity of tin futures from 2,000 mt to 1,000 mt; and the approved storage capacity of stainless steel futures from 70,000 mt to 60,000 mt. 2. Approve the storage location of Minmetals Wuxi Logistics Park Co., Ltd. at No. 8 Xinsha Road, Machong Town, Dongguan City, Guangdong Province, to become a delivery warehouse storage location for copper futures, with an approved storage capacity of 5,000 mt and no regional premium. All relevant entities shall attach great importance and effectively carry out all tasks to ensure the normal and orderly progress of delivery operations. Hereby announce. Shanghai Futures Exchange August 10, 2026

SMM Morning Brief: Overnight, LME copper opened at $13,992/mt, dipped to $13,975.5/mt in early trading, then drifted higher to hit a high of $14,150/mt, before eventually settling at $14,148.5/mt, up 0.75%. Trading volume stood at 20,200 lots, and open interest increased to 253,000 lots, up 1,896 lots from the previous trading day, as bulls added positions. Overnight, the most-traded SHFE copper 2609 contract opened at 107,350 yuan/mt, with an intraday high of 107,840 yuan/mt and a low of 107,300 yuan/mt, and settled at 107,770 yuan/mt, up 0.40%. Trading volume was 38,600 lots, while open interest fell to 214,000 lots, down 2,688 lots from the previous trading day, as bears reduced positions.

SMM, August 5 At 11:30, the copper futures closing price was 107,230 yuan/mt, up 410 yuan/mt from the previous trading day. The average spot premium was 180 yuan/mt, down 50 yuan/mt from the previous trading day. Today, the secondary copper raw material price rose 400 yuan/mt from the previous trading day. The sentiment index for secondary copper raw material sales rose to 2.68, and the purchasing sentiment index rose to 2.00. The price difference between copper cathode and copper scrap was 4,077 yuan/mt, down 92 yuan/mt from the previous trading day. The price difference between copper cathode rod and secondary copper rod was 1,760 yuan/mt. According to SMM survey, copper prices strengthened, boosting suppliers' willingness to sell secondary copper raw materials. In addition, active orders from terminal wire and cable companies and faster cargo pick-up by traders led to ample orders for secondary copper rod enterprises, which urgently needed to purchase raw materials from the market to replenish inventories. As a result, the secondary copper raw material market saw relatively active trading during the day.

Mining operators across Zambia are formalizing their policy demands ahead of the upcoming national elections, calling on the government to strengthen incentives for local mineral processing, greenfield exploration, and power generation expansion. Industry leaders emphasize that these measures are vital to achieving the national benchmark of tripling annual copper output to 3 million tonnes. This push coincides with a tight physical market, where surging demand for critical metals in electric vehicles, power networks, and construction has driven benchmark copper futures up over 40% in the past year to $14,000 per tonne. Fiscal stabilization and closer engagement with miners have already drawn over $10 billion in committed investment to Zambia since the 2021 election. However, expanding long-term output hinges on resolving critical infrastructure bottlenecks. According to the Zambia Chamber of Mines, maintaining a robust exploration pipeline via greenfield spending and licensing reforms is essential to secure real industry growth. Meanwhile, unintegrated producers continue to advocate for export duty relief on copper concentrates. Industry executives estimate that Zambia needs at least 2,000 megawatts of additional generation capacity to prevent severe power shortages from capping planned mine expansions. Because mining remains the country's economic backbone, contributing 9% of GDP, 72% of export earnings, and nearly half of government revenue, analysts expect general policy continuity for foreign direct investment following the polls.