[SMM Monthly Outlook: Copper Prices Post Two Consecutive Monthly Gains; Will the "Trump Recession Trade" Weigh on Copper Prices?] Despite frequent "shifts" in external macro conditions, domestic policy support expectations, combined with tight copper concentrate supply and the imported copper concentrate index (monthly) dropping into negative territory, drove copper prices to continue their monthly gains in February. LME copper closed February with a 2.88% increase, while SHFE copper ended the month with a 1.71% gain. Since the beginning of March, the macro sentiment from the Two Sessions has been relatively positive; the market is gradually entering the traditional peak consumption season, and the domestic inventory turning point has arrived, further supporting the rise in copper prices.

[SMM Monthly Outlook: COMEX Copper Leads Monthly Gains Again, Will Copper Prices Continue Their Winning Streak?] The monthly charts of the world's three major copper futures rose in January, driven by concerns over global trade tensions sparked by US President Trump's tariffs. The COMEX copper futures posted a remarkable monthly gain of 6.12%, far outpacing SHFE copper and LME copper, which recorded monthly increases of 2.36% and 3.42%, respectively. Since February, the US dollar index has generally pulled back; the tight copper ore supply persists, and market expectations for favourable macro developments in China have further strengthened copper prices.

In June, China's copper cathode production was 1.005 million mt, down 3,600 mt MoM, a decrease of 0.36% MoM but up 9.49% YoY, and 20,000 mt higher than the expected 985,000 mt.

In June, China's copper cathode production was 1.005 million mt, down 3,600 mt MoM, a decrease of 0.36% MoM but up 9.49% YoY, and 20,000 mt higher than the expected 985,000 mt.

On June 28, the SMM Copper Concentrate Index (weekly) was reported at -$0.28/mt, down $0.41/mt from the previous $0.13/mt. The pricing coefficient for Cu 20% grade domestic ore was 91-93%.

The SMM Copper Concentrate Index in September rose by $0.18/mt on the month to $93.40/mt. The SMM Imported Copper Concentrate Index (weekly) for the week ending September 28 stood at $93.23/mt.