[SMM Shanghai Spot Copper] Copper price center shifted upward during the day, and downstream enterprise consumption weakened. According to SMM, Shanghai spot copper remained around 106,500 yuan/mt. End-user cargo pick-up slowed down, and some copper semis processing enterprises in east China planned to shut down furnaces and cut production due to finished product inventories buildup, indicating that high prices further intensified the suppression of demand. In addition, entering the delivery month, although copper prices remained at a relatively high level, the inter-month Contango price spread between futures contracts stayed at 160-100 yuan/mt, and suppliers' willingness to ship to delivery warehouses increased somewhat. They held prices firm and held back from selling, providing some support for spot discounts. As a result, both buying and selling sentiment pulled back during the day, and actual transactions were sluggish. Overall, supported by the widening price spread between futures contracts that encouraged suppliers to hold prices firm, combined with high copper prices suppressing demand, Shanghai spot copper prices against the SHFE copper 2606 contract are expected to remain at a discount tomorrow, with limited room for the discount to widen further.

[SMM Shanghai Spot Copper] SHFE copper futures center shifted upward. Shanghai spot copper remained around 106,500 yuan/mt. End-user cargo pick-up speed slowed down. Some copper semis processing enterprises in east China planned to shut down furnaces and cut production due to the buildup of finished product inventories.

Driven by global economic integration and technological innovation, magnet wire, as a fundamental material for the electrical power and electronics industries, has seen continuously climbing demand. In 2025, the rapid development of China's NEV, smart power grid, and other industries injected strong momentum into the magnet wire industry. Meanwhile, tightening environmental protection regulations and rising technological barriers accelerated the industry's transition toward green production and intelligent manufacturing. The eastern region exhibited a notable industrial clustering effect, the central and western regions accelerated their industrial layout leveraging resources and policy support, and the northeast embraced new opportunities through the Belt and Road Initiative. Against this backdrop, Zhejiang Jinjia Special-Shaped Copper Co., Ltd. joined hands with SMM to jointly produce the which came into being at the right moment. Through data collection and regional analysis, the industry distribution map was created to reveal development characteristics and trends, providing a scientific basis for enterprise strategies, policy formulation, and investment decisions, and facilitating the high-quality development of China's magnet wire industry. (Claim your free distribution map:) Specializing in High-Precision Oxygen-Free Copper Product Series ▌Company Profile Zhejiang Jinjia Special-Shaped Copper Co., Ltd. , located at No. 3 Chuangzhi Road, Lijiaxiang Town, Changxing County, in the Changxing Sub-zone of the South Taihu Lake Industrial Cluster Area, covers a land area of 111.8 mu, with a total building area of 167,600 m² for workshops and office buildings. The company specializes in high-precision oxygen-free copper processing, professionally producing premium upward-cast oxygen-free copper rod, oxygen-free copper busbar, copper billet, and special-shaped copper semis, as well as high-precision oxygen-free copper plate and copper strip products . The company owns multiple sets of domestically advanced energy-saving and environmental protection upward continuous casting units, capable of providing clients with premium electrical oxygen-free copper rod in various specifications ranging from Ø8.0 to Ø35.0 mm. The company owns multiple sets of the most advanced domestic copper semis continuous extrusion units of various models and fully automatic copper busbar drawing and straightening integrated units, capable of providing clients with copper busbars and copper billets in various specifications, producing copper busbar products with widths of 320 mm and below, and producing copper billet products with diameters of Ø120 mm and below, with internal quality and oxygen content both exceeding national standard requirements. The company possesses strong mold design and development capabilities, enabling it to provide clients with technical support and develop special-shaped copper busbars and electrical special-shaped products. The company co-established a "production-academia-research" research base with the Continuous Extrusion Research Center of Dalian Jiaotong University. Relying on Dalian Kangfeng Technology Co., Ltd., it developed the world's first TLJ800U copper semis continuous extrusion unit. The commissioning of this equipment enables the company to provide clients with oxygen-free copper plate/sheet and strip with a thickness of 12–20 mm and a width of 420–630 mm. The company also collaborated with China Copper Industry Kunming Heavy Industry on a copper plate/sheet and strip rolling production line and its ancillary facilities. Once in operation, it can provide clients with copper plates, copper strips, and other products in various specifications. The company has obtained certifications for the ISO 9001-2015 Quality Management System, ISO 14001-2015 Environmental Management System, and ISO 45001-2018 Occupational Health and Safety Management System, strictly implementing standardized management to provide reliable assurance for product quality. ▌ Contact Information Xu Jianhua 139 5759 7472 SMM Contact Chen Xiaolong 180 1708 9983 Long press to scan the QR code for a free distribution map

SMM Morning Meeting Minutes: Last Friday evening, LME copper opened at $13,624.5/mt. In the early session, it experienced wild swings and dipped to $13,575.5/mt. Subsequently, the center of copper prices shifted upward, reaching a high of $13,678/mt, before fluctuating downward to finally close at $13,635/mt, up 0.18%. Trading volume reached 16,200 lots, and open interest stood at 269,000 lots, a decrease of 3,435 lots from the previous trading day, indicating bears reducing positions. Last Friday evening, the most-traded SHFE copper 2607 contract opened at 104,870 yuan/mt. In the early session, the center of copper prices fluctuated downward, touching a low of 104,420 yuan/mt. Subsequently, it fluctuated upward, reaching 105,280 yuan/mt, before moving sideways to finally close at 105,090 yuan/mt, up 0.58%. Trading volume reached 33,600 lots, and open interest stood at 172,000 lots, an increase of 627 lots from the previous trading day, indicating bulls adding positions.

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,477.5/mt, dipped to $13,461/mt in early trading, then gradually shifted its center upward to reach $13,676/mt, and finally closed at $13,654.5/mt, up 1.69%, with a trading volume of 17,000 lots and open interest of 273,000 lots, down 3,375 lots from the previous trading day, indicating bears reducing positions. Overnight, the most-traded SHFE copper 2606 contract opened at 103,950 yuan/mt, touching a low of 103,950 yuan/mt right at the open, then shifted its center upward to reach a high of 105,190 yuan/mt, and finally closed at 105,030 yuan/mt, up 1.04%, with a trading volume of 37,000 lots and open interest of 133,000 lots, down 3,198 lots from the previous trading day, indicating bears reducing positions.

[SMM Shanghai Spot Copper][SMM Shanghai Spot Copper] Looking ahead to tomorrow, demand side, according to SMM, although copper prices retreated after a rapid rise, absolute prices remained at high levels. End-user cargo pick-up pace slowed down. Affected by the accumulation of finished product inventories, some copper semis processing plants in east China opted to shut down furnaces for maintenance or close part of their production lines to reduce the capital occupation risk caused by high finished product inventories. Overall, amid weak demand, Shanghai spot copper premiums against the 06 contract are expected to remain at a discount tomorrow, or widen slightly.