Driven by intensifying global competition for energy and mineral resources, the reshaping of refined copper trade flows, and the resurgence of U.S. manufacturing policies, the U.S. market has once again emerged as a key pricing anchor in international refined copper distribution. According to SMM research, U.S. annual refined copper consumption is estimated at 1.6–1.8 million metric tons, with the Midwest — home to a high concentration of copper-intensive manufacturing — serving as the country’s largest region for copper processing, delivery, and end-use. Over time, this region has developed a mature spot trading market under the DDP (Delivered Duty Paid) delivery model. Since 2025, global copper trade dynamics have shifted significantly. The U.S. has become increasingly reliant on imports from Latin America, Europe, and Africa. With frequent tariff policy changes, a surge in COMEX stock levels, more active trade tenders, and renewed long-term contract negotiations, the Midwest DDP premium has become an essential reference point for industrial trade and arbitrage models across the supply chain. Against this backdrop, Shanghai Metals Market (SMM) will officially launch the Copper grade 1 cathode premium, ddp Midwest US on February 1, 2026. Quoted in US cents per pound (¢/lb), this premium will be based on representative spot DDP trades in the U.S. Midwest. The price reflects a weighted average considering warehouse transfer costs, regional logistics fees, trading activity levels, and brand preferences — offering an objective and actionable settlement benchmark for market participants. The price will be updated daily and published on both the SMM official website. Historical curves and price analytics will also be made available. This price release aims to enhance pricing transparency across the refined copper supply chain and provide more granular tools for trade execution, long-term contract negotiations, and production planning — supporting more efficient and accurate price discovery in the global market. Key specifications of the SMM U.S. Midwest DDP Refined Copper Premium are as follows:

Shanghai Metals Market (SMM) officially launched the Copper grade A cathode premium, cif Rotterdam, USD/(tonne) on February 24th, 2026.

To better serve industrial clients and more closely align with the market, SMM has added a weekly price for 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne, which will be officially launched on the SMM website (smm.cn) on December 19, 2025. 1. SMM 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne Methodology 1.1 SMM Price Assessment Methodology General Provisions Shanghai Metals Market (SMM) is a fully independent third-party service organization that does not participate in any actual transactions. Instead, it maintains close communication with buyers or sellers in the market as an observer or organizer and provides relevant services to the market. SMM continuously develops, reviews, and revises its methodology through communication with industry professionals, adopting the most common product specifications, trade terms, and trade conditions in the industry. Equal importance is given to normal transactions that meet the standard specifications. SMM reserves the right to exclude any price information deemed less reliable or unrepresentative from its price assessments. SMM publishes daily spot metal prices (or price indices, including those for the Chinese market, markets outside China, and global markets), commonly referred to as SMM prices. For each published SMM price, a corresponding methodology is established (all of which are available for reference on SMM’s official website, www.smm.cn). The methodology specifies the methods and procedures for generating and publishing SMM prices, and SMM strictly adheres to these guidelines when producing and releasing SMM prices. To align with the actual conditions of the spot market, SMM will make necessary revisions to the SMM price assessment methodology and announce these revisions on the official website www.smm.cn 28 days before their formal implementation. If you have any questions or suggestions regarding SMM prices or the methodology, please contact SMM customer service (contact information can be found on the official website www.smm.cn ). This document specifies the standards for formulating the weekly RC for 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne. The purpose of establishing this standard by SMM is to create a transparent and verifiable mechanism for SMM price formation. The SMM Benchmark Management Committee also regularly reviews the methodology and its assessment and publication processes. This committee oversees SMM’s methodology and compilation procedures, ensuring that the prices or indices accurately reflect the objective conditions of the physical spot market for the relevant commodities. If the committee identifies any issues, it will promptly highlight them and propose external consultation and revisions to the ongoing methodology or processes, thereby improving the quality of SMM’s published prices or indices. The committee may only propose modifications to the methodology and procedures used for future price or index assessments it cannot alter already published prices or indices. 2. Formation of 8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne. 2.1 Significance of the Price Assessment Current copper rod industry faces increasingly prominent overcapacity issues, with low capacity utilization rates. The market for ordinary power-grade rods suffers from homogenized competition, processing fees are caught in internal competition, and profit margins for most enterprises are severely compressed. Against this backdrop, the copper rod industry is gradually transitioning toward high-quality development, enhancing product added value, expanding profit margins, and progressively addressing the structural imbalance of "excess low-end supply and insufficient high-end supply." Tin-plated copper rods, leveraging characteristics such as oxidation resistance, ease of welding, and strong stability due to the tin coating, meet the demands of high-end sectors like new energy vehicles and electronic devices. With the continuous expansion of emerging industries such as new energy and 5G communication, the tin-plated copper rod market holds broad prospects and will become a key direction for the transformation and upgrading of the copper processing industry. 2.2 SMM 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne Price Assessment Methodology 2.2.1 Product Specifications and Standards Given the wide variety of tin-plated copper rod specifications, SMM adopts the 1.8mm diameter, which holds a relatively high market share, as the basis for quoting tin-plated copper rod processing fees, with reference to the standard GB/T3952-2016 Copper Rod for Electrical Purposes. 2.2.2 Price Terms Ex-works, China, 1.8mm Tin-Plated Copper Rod premium top on SMM 1# Copper Cathode 2.2.3 Payment Terms cash, other terms normalized. 2.2.4 Delivery Time Within 3 days. 2.2.5 Reference Transaction Volume Min 1 tones. 2.2.6 Delivery Location China 2.2.7 Price Release Time Weekly, by 11：30 am Beijing time, last working day of every week. 2.2.8 Processing Fee Format The reported processing fees are presented as a range, indicating the lowest and highest prices. For example: 1.8mm Tin-Plated Copper Rod Premium (Electroplating), Ex-works China, VAT included, yuan/tonne range 3,000–4,000 yuan/tonne, average: 3,500 yuan/tonne. 2.2.9 Price Collection Methodology SMM will, in accordance with the price collection confirmation agreement, have price analysts regularly collect price information from copper foil industry price contacts via phone, QQ, WeChat, fax, and email. This price information includes concluded transaction prices, the enterprise's expected most likely pending transaction prices, etc. All instant messaging content, email communications, and any records of face-to-face communications will be archived details of phone communications will be recorded and entered into the database. SMM analysts must comply with the Compliance System when reporting any forced or threatened communications from market participants, or any induced offers attempting to influence the assessment. Once published, SMM will not revise or adjust the price on the same day. 2.2.10 Standardization of Data Although SMM has standardized definitions for our prices, diversity exists in market transactions. The price of each transaction is influenced by numerous factors, including order size, brand of goods, delivery time, payment terms, etc. SMM will comprehensively consider market offers, bids, and transaction information, aligning them with our standards. Each price datum will be electronically recorded or accompanied by written records. All electronic and paper records must be archived by price collection personnel and retained long-term (at least 5 years) in secure network and physical environments. For details, please refer to the SMM Data Retention Policy. 2.2.11 Price Assessment Process The specific process is as follows: 2.3 Methodology Changes All markets change, and SMM has a responsibility to ensure that the methodology for market reports evolves with the market. Therefore, SMM will regularly conduct internal reviews of the methodology's appropriateness based on industry feedback. For all substantive but non-urgent potential modifications, SMM will follow a formal external consultation process. Major changes will then be announced with a notice period of at least 28 days, inviting industry comments, unless special circumstances, particularly force majeure (natural disasters, war, exchange bankruptcy, etc.), necessitate a shorter notice period. SMM is committed to carefully considering all comments on proposed methodology changes, but in some cases, it may be necessary to proceed with changes contrary to the wishes of some market participants. Additionally, SMM has a formal methodology consultation process. SMM commits to holding a formal consultation on the methodology every three years. The date of the last consultation and the deadline for the next consultation committed by SMM are located at the top of the methodology document. 2.4 Compliance with SMM Policies All relevant SMM employees must not only comply with the methodology published by SMM but also adhere to SMM's internal standards and policies. These include: SMM Conflict of Interest Policy, SMM Whistleblower Policy, SMM Error Correction Policy, SMM Methodology Review Consultation and Change Policy, SMM Complaints Policy, etc. Welcome more relevant enterprises in the industry chain to participate and support SMM in better serving related enterprises in the Copper Cathode Rod industry chain. For inquiries, please contact: Shanghai Metals Market Copper Research Team, Xinyang Wang Contact: 021-20707846, +86 15762822325