SMM Morning Report: Overnight, LME copper opened at $13,383.5/mt. Early in the session, amid wild swings, it touched a low of $13,334/mt, before the center of copper prices shifted upward sharply to reach a high of $13,433/mt. It then drifted lower to finally close at $13,380/mt, up 0.27%. Trading volume was 17,000 lots, and open interest was 245,000 lots, down 1,684 lots from the previous trading day, reflecting bearish position reduction. Overnight, the most-traded SHFE copper 2608 contract opened at 102,870 yuan/mt. Early in the session, it dipped to 102,640 yuan/mt, then the price center shifted higher to touch a high of 103,420 yuan/mt, before drifting lower, moving sideways, and finally closing at 102,880 yuan/mt, up 0.38%. Trading volume reached 34,000 lots, and open interest 154,000 lots, down 1,382 lots from the previous trading day, reflecting bearish position reduction.

India has asked the European Union to exempt it from upcoming restrictions on scrap metal exports, warning that the measures could disrupt supplies of recycled raw materials. Industry groups said the new EU rules may intensify global competition for aluminium and copper scrap while increasing production costs for downstream manufacturers.

SMM Morning Briefing: Overnight, LME copper opened at $13,341/mt. In early trading, it drifted higher to touch a high of $13,379/mt. Then the center of copper prices drifted lower to touch a low of $13,252.5/mt. Afterwards, it drifted higher again and eventually closed at $13,344.5/mt, up 0.17%. Trading volume reached 14,200 lots, and open interest stood at 246,000 lots, down 256 lots from the previous trading day, which reflected bears reducing positions. Overnight, the most-traded SHFE copper 2608 contract opened at 102,710 yuan/mt. In early trading, it quickly rose to a high of 102,850 yuan/mt. Then the price center drifted lower to touch a low of 102,100 yuan/mt. Afterwards, it drifted higher and finally ended at 102,340 yuan/mt, down 0.79%. Trading volume was 31,000 lots, and open interest stood at 152,000 lots, down 1,906 lots from the previous trading day, which reflected bulls reducing positions.

SMM Analysis | June 30 marks a critical milestone in the U.S. Section 232 copper investigation. Will refined copper tariffs proceed as expected? Whether the outcome is a broad tariff, targeted measures, or a delay and exemption, the decision could reshape the COMEX–LME arbitrage, U.S. physical premiums, global copper trade flows, and regional supply dynamics.

SMM Morning Meeting Summary: Last Friday evening, LME copper opened at $13,269.5/mt. It dipped to a low of $13,250/mt during wild swings in early trading, then the center of copper prices drifted higher and rose to $13,378/mt near the session's end, finally closing at $13,322/mt, up 0.05%. Trading volume reached 19,100 lots, and open interest stood at 247,000 lots, down 1,285 lots from the previous trading day, indicating bear position reduction. Last Friday evening, the most-traded SHFE copper 2608 contract opened at 102,240 yuan/mt, immediately dipped to 102,020 yuan/mt in early trading, then the center of copper prices moved steadily upward and reached a high of 102,930 yuan/mt near the session's end, finally closing at 102,740 yuan/mt, up 1.16%. Trading volume reached 42,000 lots, and open interest stood at 156,000 lots, down 3,193 lots from the previous trading day, indicating bear position reduction.

This week (6/22–6/25), the secondary copper rod and copper scrap markets were locked in a deep stalemate, marked by the supply side holding prices firm and holding back from selling, the demand side waiting for further price declines and refraining from purchasing, and persistently sluggish transactions, as copper prices continued to fall and approached the psychological threshold of 100,000 yuan/mt