SMM July 27 News: Metal Market: At the midday break, domestic base metals were mixed. SHFE copper rose 0.31%, while SHFE aluminum edged lower. SHFE lead fell 1.11%. SHFE zinc rose 0.3%. SHFE tin rose 1.86%. SHFE nickel fell 0.42%. In addition, the most-traded cast aluminum futures contract fell 0.13%, while the most-traded alumina contract rose 0.19%. Lithium carbonate’s most-traded contract rose 0.86%. Silicon metal’s most-traded contract rose 0.24%. Polysilicon’s most-traded futures contract rose 0.15%. Ferrous metals mostly rose. Iron ore rose 0.27%, rebar rose 0.33%, and HRC rose 0.55%. Stainless steel fell 0.34%. For coking coal and coke: the most-traded coking coal contract fell 0.62%, and the most-traded coke contract rose 0.87%. In overseas base metals, as of 11:40, LME metals showed mixed performance. LME copper rose 0.49%, while LME aluminum fell 0.27%. LME tin and LME zinc each rose within 0.5%. LME lead edged lower. LME nickel fell 0.32%. In precious metals, as of 11:40, COMEX gold rose 0.42% and COMEX silver rose 1.1%. In the domestic market: SHFE gold rose 0.87%; the most-traded SHFE silver contract rose 2.97%. In addition, at the midday break, the most-traded platinum futures contract rose 2.31%, and the most-traded palladium futures contract rose 2.22%. At the midday break, the most-traded container shipping (European route) futures contract fell 3.02% to 2,750 points. Selected futures midday prices as of 11:40, July 27: Spot and Fundamentals Silver: Trump suspended airstrikes on Iran, cooling geopolitical tensions temporarily; oil prices tumbled, and inflation and rate-hike expectations eased, while precious metals rebounded. The spot market sustained parity deals, with the weak supply-demand pattern persisting. …… 》Click for details Macro Front China: [ NBS: Profits of China's Industrial Enterprises Above Designated Size Rose 18.7% in 1H; Electronics-Related Sectors Posted Rapid Profit Growth ] On July 27, the National Bureau of Statistics (NBS) released data showing that in H1, amid steady manufacturing growth and a continued rebound in industrial product prices, revenue of industrial enterprises above designated size rose 6.5% YoY, an acceleration of 1.5 percentage points from Q1. Accelerating revenue growth drove profits of industrial enterprises above designated size up 18.7% YoY, accelerating 3.2 percentage points from Q1. By major sector, mining and manufacturing profits grew 33.5% and 20.1%, respectively, accelerating 17.3 and 1.0 percentage points from Q1; electricity, heat, gas and water production and supply fell 4.2%. In June, profits of industrial enterprises above designated size rose 15.1% YoY. In H1, profits of the raw material manufacturing sector above designated size rose 71.7% YoY, boosting overall profit growth of industrial enterprises above designated size by 8.8 percentage points. From an industry perspective, driven by improving demand for non-ferrous metal products such as copper and aluminum, profits of the non-ferrous metals sector rose 99.4%, boosting overall profit growth by 4.7 percentage points; driven by higher prices of products in the petroleum industry chain, the petroleum processing sector swung from losses to a profit YoY, and profits of the chemical sector rose 67.8%. The PBOC conducted 325.5 billion yuan of 7-day reverse repo operations today at an interest rate of 1.40%. A total of 398.5 billion yuan of reverse repos and 400 billion yuan of MLF matured today. US Dollar: As of 11:40, the US dollar index fell 0.26 to 101.22. The market widely expects the Fed to keep interest rates unchanged this week. According to CME FedWatch: the probability of the Fed keeping rates unchanged in July is 63.7%, while the probability of a cumulative 25bp rate hike is 36.3%. The probability of unchanged rates through September is 19.6%, a cumulative 25bp hike is 55.2%, and a cumulative 50bp hike is 25.2%. Data: Today will see the release of data including Germany's July IFO Business Climate Index, the UK's July CBI Distributive Trades Survey balance, the US June durable goods orders MoM, and the US July Dallas Fed New Orders Index. Crude Oil: As of 11:40, oil prices on both sides of the Atlantic fell sharply, with WTI down 4.97% and Brent down 3.93%. US-Iran geopolitical tensions eased slightly, and oil prices fell sharply at the open on Monday as traders assessed Middle East supply risks. With the US-Iran conflict spreading from the Strait of Hormuz to the Red Sea, Brent crude has surged about 30% this month, briefly breaking above $100 per barrel last week. The conflict, now nearing the end of its fifth month, has heightened concerns about a global inflation shock as the global fuel market has lost idle capacity while the war drives up prices, and refined product prices have jumped. (Jin10 Data APP) Spot Market Roundup: ► ► ► ► ► ► ► ► ► ►

SMM July 24 News: Metal Market: As of midday, domestic base metals fell broadly. SHFE copper fell 1.21%, SHFE aluminum and SHFE zinc both fell within 0.5%. SHFE lead fell 0.82%. SHFE tin fell 1.59%. SHFE nickel rose 0.2%. Additionally, casting aluminum most-traded futures fell 0.58%, alumina most-traded rose 0.37%. Lithium carbonate most-traded fell 0.74%. Silicon metal most-traded edged down. Polysilicon most-traded futures fell 1.67%. Ferrous metals mostly fell. Iron ore fell 0.8%, rebar fell 0.68%, HRC fell 0.3%. Stainless steel fell 0.91%. Coking coal and coke: coking coal most-traded contract was flat at 1,282 yuan/mt, coke most-traded contract edged up 0.05%. Overseas base metals, as of 11:40, LME metals fell across the board. LME copper rose 0.43%, LME aluminum, LME tin, and LME nickel all fell within 0.5%. LME lead was flat at $1,887/mt. Precious metals, as of 11:40, COMEX gold fell 0.44%, COMEX silver fell 0.88%. Domestic precious metals: SHFE gold fell 2.65%; SHFE silver most-traded fell 4.82%. Additionally, as of midday, platinum most-traded futures fell 4.94%, palladium most-traded futures fell 5.68%. As of midday, the most-traded Europe container shipping futures fell 1.65% to 2,807.5 points. As of 11:40 on July 24, some futures midday quotes: Spot and fundamentals Copper: Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper quoted at 190 yuan/mt, down 10 yuan/mt from the previous trading day; standard-quality copper quoted at a premium of 140 yuan/mt, flat from the previous trading day; SX-EW copper quoted at a premium of 80 yuan/mt, flat from the previous trading day. The average price of Guangdong #1 copper cathode was 105,085 yuan/mt, down 1,215 yuan/mt from the previous trading day; the average price of SX-EW copper was 105,000 yuan/mt, down 1,210 yuan/mt from the previous trading day... Macro front Domestic side: [State Grid's fixed-asset investment in H1 up 12.6% YoY] Today, we learned from State Grid Corporation of China that in H1, State Grid completed fixed-asset investment of over 310 billion yuan, up 12.6% YoY. Among them, construction of 15 ultra-high-voltage (UHV) projects and 37 pumped-storage power stations is accelerating. Meanwhile, investment in new energy grid connection projects continues to increase. As of end-June, the new energy grid-connected installed capacity in State Grid's operating area reached 1.55 billion kW. (CCTV) [PBOC net withdrawal of 361.5 billion yuan from the open market today] The PBOC conducted 89 billion yuan of 7-day reverse repo operations today at an interest rate of 1.40%. A total of 450.5 billion yuan of reverse repos matured today. On the dollar front: As of 11:40, the US dollar index fell 0.02 to 101.42. As the threat of escalating war in Iran drove up oil prices, US Treasury yields rose to their highest levels of the year, and markets expected the Fed could raise rates as soon as next week. The two-year Treasury yield, most sensitive to Fed policy expectations, rose about 4 basis points on Thursday to around 4.34%, its highest since early 2025. The 10-year Treasury yield hit a year-to-date high, while the 30-year yield rose to 5.19%, just below its highest level since 2007. As Houthi rebels claimed to have attacked a commercial vessel for the first time in months, Brent crude oil has been slowly rebounding toward $100 per barrel. This rise continues to pressure the US Treasury market and has led traders to increasingly believe that the Fed under Warsh will raise rates soon this year. (Jinshi Data APP) According to the CME FedWatch Tool, the probability that the Fed keeps rates unchanged in July is 65.3%, while the cumulative probability of a 25bp hike is 34.7%. For September, the probability of rates remaining unchanged is 17.6%, the cumulative probability of a 25bp hike is 57%, and the cumulative probability of a 50bp hike is 25.4%. Meanwhile, initial jobless claims in the US fell sharply last week, indicating that the labour market remains stable and that Fed officials need to continue focusing on curbing inflation. The US Labor Department said on Thursday that initial claims for the week ending July 18 fell by 22,000 to 187,000, compared with expectations of 212,000. Thursday's report was the latest signal of sustained stability in the labour market. The unemployment rate unexpectedly fell to 4.2% in June, a one-year low, but the decline was more due to a shrinking labour force rather than job growth. The US labour market is exhibiting an unusual balance: limited labour supply, slow job creation, and limited layoffs have kept the unemployment rate at historically low levels. This situation has led a growing number of Fed policymakers to focus more on inflation, which remains well above the 2% target, rather than express greater concern about the strong labour market. (Jinshi Data APP) Data wise: Today’s data releases include Germany's August GfK Consumer Confidence Index, UK June seasonally adjusted retail sales m/m, France July Flash Manufacturing PMI, Germany July Flash Manufacturing PMI, Eurozone July Flash Manufacturing PMI, UK July Flash Manufacturing PMI, UK July Flash Services PMI, US July S&P Global Flash Manufacturing PMI, US July S&P Global Flash Services PMI, and US June New Home Sales Annualized Total. Also worth watching: the AMD Advancing AI conference was held in San Francisco on July 22-23; Intel’s Q2 earnings were released after the US stock market close on July 23. Crude oil: As of 11:40, oil prices in both markets moved sideways, with WTI up 0.01% and Brent down 0.07%. The US-Iran geopolitical conflict continued to intensify. The Houthis announced this week that they had attacked a Saudi oil tanker, formally turning the Bab el-Mandeb Strait at the southern end of the Red Sea into a new frontline of conflict, putting global oil supply into a “dual chokepoint” predicament. Market analysts warned that if the Strait of Hormuz remained obstructed and a blockade of the Bab el-Mandeb Strait became reality, oil prices risked further surging to $120 or even higher. Rapidan Energy Group President and former White House official Bob McNally said, “The scale of the second round of military conflict will exceed the first, posing enormous risks to shipping and energy infrastructure.” (Wallstreetcn) ANZ: It maintained its forecast of $92/barrel for Brent crude at end-Q3 2026, reflecting an uneven rebound in Persian Gulf oil flows. If regional supply disruptions intensify and market buffers weaken, Brent crude prices could rise to $120/barrel. (Jinshi Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ►

On July 24, the SMM Imported Copper Concentrate Index (weekly) was reported at -$154.76/dmt, down $8.61/dmt from the previous reading of -$146.15/dmt. The 20% grade domestic trade ore payable indicator came in at 98%-99.5%, up 0.25% from the prior period. This week, transaction volumes in the copper concentrates spot market decreased from last week, with some mines conducting tenders. In spot transactions, a trader sold 10,000 mt of clean ore for September shipment to a smelter at an index minus $20/dmt, QP: M+1/M+5; a trader sold 20,000 mt of clean ore for Q4 shipment to a smelter at an index minus $20/dmt, QP: M+1/M+5; a trader sold approximately 2,000 mt of clean ore in containers for August-September shipment to a smelter at an index minus $18-19/dmt, with a container premium in single digits, QP: M+1/M+5. In terms of mine tenders, regarding the previously offered Red Chris by Newnomont, market rumors suggest that the transaction price for 20,000 mt for trader-side shipments in September 2026 and Q4 was around -$225/dmt, while the 2027 20,000 mt transaction price was in the range of -$220/dmt to -$200/dmt. For a large mine's tender of South American clean ore, the trader-side transaction price was -$230/dmt for 10,000 mt, QP: M+1/M+4, with September shipment; the smelter-side transaction price was -$158/dmt for 10,000 mt, QP: M+1/M+4, with September shipment. For the OT mine tender, trader-side prices were -$230/dmt for September-December shipment, QP: M+1/M+4 (buyer's option), and -$225/dmt for November-December shipment, QP: M+1/M+4 (buyer's option); smelter-side prices were -$160/dmt for September-December shipment, QP: M+1/M+3 (buyer's option). In addition, according to market sources, KAZ is conducting tenders for Aktogay and Bozshakol copper concentrates, with results yet to be announced. Overall, spot transactions this week were still dominated by the index-minus model, but the pace of further widening of discounts slowed down compared with earlier. The downward momentum in trader-side tender prices also slowed noticeably; however, smelter-side transaction prices continued to decline, with procurement conditions worsening and raw material procurement pressure intensifying. On July 23, Freeport-McMoRan disclosed during its Q2 earnings call that the resumption of production at the underground Block Cave project at the Grasberg mine in Indonesia is progressing as expected. Currently, the ramp-up of production blocks 2 and 3 is advancing in accordance with the plan set in April. Previously, affected by a mud rush incident at the underground mine in September 2025, Grasberg partially suspended production. The company subsequently initiated cleaning, repair, and phased production resumption work. According to Freeport, Grasberg Block Cave completed repairs in Q1 2026, began production ramp-up in March, and reached planned operating levels in Q2. Currently, the company expects that Grasberg’s capacity will recover to about 65% in H2 2026, further increase to about 80% by mid-2027, and it plans to approach full operation by the end of 2027. Recently, heavy rainfall and high-altitude snowfall hit central Chile and the Atacama region, prompting multiple copper mines to initiate winter emergency measures. Antofagasta Minerals’ Los Pelambres temporarily restricted access to the mine site and proactively reduced non-critical operations; no full suspension has been reported so far. Codelco’s Andina suspended surface operations, while El Teniente temporarily halted open-pit ore transport due to snow accumulation on slopes. Among these, Caserones was the most significantly affected. Lundin Mining stated that the mine had been shut down since July 18 due to heavy snow, limited road access, and an on-site power outage, and was currently relying on backup generators to maintain critical activities, with production expected to resume after power restoration and improved access conditions. As of July 24, the company had not yet issued a resumption notice, but Lundin Mining maintained its full-year production guidance. Overall, this disruption was mainly concentrated in central Chile and some high-altitude mining areas, while the major copper mines in the far north largely maintained operations, and no widespread nationwide shutdowns had occurred. On July 24, SMM copper concentrate inventories at eleven ports stood at 661,500 mt in physical content, up 13,300 mt in physical content from July 17. The main increases came from Yantai Port and Qingdao Port, up 32,100 mt and 20,000 mt WoW, respectively; the main decreases were from Qinzhou Port and Huludao Port, down 18,000 mt and 7,000 mt WoW, respectively.

In H1 this year, new special bonds worth 2.07 trillion yuan were issued, with the issuance progress at about 47%. The funds were mainly used for key areas such as municipal and industrial park infrastructure, transport infrastructure, urban renewal, and social programs, effectively meeting the funding needs of major projects in key areas. Special bonds used as project capital exceeded 170 billion yuan, better leveraging the role of government investment to produce a multiplier effect.

SMM, July 22 – In the metals market: As of the midday close, domestic base metals mostly rose. SHFE copper gained 1.34%, SHFE aluminum added 0.72%, SHFE zinc advanced 0.78%, SHFE lead fell 0.85%, SHFE tin climbed 1.11%, and SHFE nickel jumped 1.36%. Furthermore, the most-traded cast aluminum futures contract rose 0.59%, the most-traded alumina contract settled on par with 2,723 yuan/mt. The most-traded lithium carbonate contract fell 0.5%. The most-traded silicon metal contract fell 0.42%. The most-traded polysilicon futures contract rose 0.59%. Ferrous metals showed mixed performance. Iron ore fell 1%, rebar edged lower, and HRC was flat at 3,284 yuan/mt. Stainless steel rose 0.61%. In the coking coal and coke segment, the most-traded coking coal contract gained 1.56%, and the most-traded coke contract advanced 0.66%. In overseas base metals, as of 11:45 AM, LME metals mostly rose. LME copper fell 0.3%, LME aluminum edged up, and LME lead, LME zinc, and LME tin all posted gains within 0.2%. LME nickel rose 0.52%. In precious metals, as of 11:45 AM, COMEX gold rose 1.53% and COMEX silver gained 1.64%. In domestic precious metals, SHFE gold rose 2.8%, and the most-traded SHFE silver contract surged 4.79%. Additionally, as of the midday close, the most-traded platinum futures contract rose 4.2%, and the most-traded palladium futures contract jumped 5.44%. As of the midday close, the most-traded container shipping contract on the European route fell 0.52% to 2,785 points. As of 11:45 AM on July 22, some futures midday market conditions: Spot and Fundamentals Silver: U.S.-Iran ceasefire negotiations and technical corrections drove a silver price rebound, which may maintain a fluctuating trend in the short term. Spot market demand was sluggish, with transactions near parity, and the pattern of weak supply and demand persists... Macro Front China: [GAC: Accelerate Implementation of 57 Port Facility Renovation Projects under the 15th Five-Year Plan] This morning (July 22), the State Council Information Office held a press conference to introduce the implementation of the 15th Five-Year Plan, accelerating customs modernization, and serving the building of a trade power. Ports are the gateway to opening-up. During the 15th Five-Year Plan period, the customs will accelerate the implementation of major projects and key border port projects under the national 15th Five-Year Plan, simultaneously carry out 57 port facility renovation projects under the plan, and speed up the construction of railway ports such as Turugart and Ganqimaodu. This will help further optimize the layout of port opening. (CCTV News) [Beijing Rolls Out "Ten Go-Global Measures" to Reduce Burden and Empower Digital Economy Enterprises Going Global] On July 21, the Beijing Municipal Bureau of Economy and Information Technology held a press conference on the H1 2026 economic performance of Beijing's industrial and information software industry. It was introduced at the meeting that at the end of last year, Beijing issued the "Three-Year Action Plan for the Construction of the Beijing Digital Economy Enterprise Go-Global Innovation Service Base (2026–2028)", setting out the goals and tasks for Beijing enterprises going global over the next three years. Drawing on the operational practices of the Beijing Go-Global Base and the core needs of nearly a hundred digital economy enterprises, Beijing recently issued the "Several Measures to Accelerate the Promotion of Digital Economy Enterprises Going Global" (referred to as the "Ten Go-Global Measures"), complementarily, providing ten financial and resource support measures to comprehensively reduce burdens and empower enterprises’ international development. The policy mainly focuses on the following three aspects: first, broadening overseas connection channels to overcome market expansion challenges; second, improving full-process supporting services to reduce cross-border compliance costs; third, fostering an international digital ecosystem to build a capital go-global brand. (Jin10 Data APP) [Guangzhou: plans to steadily and orderly advance the completed home sales system and promote the reform of real estate development financing methods] During the 15th Five-Year Plan period, Guangzhou plans to actively and prudently plan pilot projects for the completed home sales system, selecting suitable land parcels for pilot implementation at an appropriate time. It will strengthen financial service support, encourage commercial banks to increase development loan quotas for completed home sales projects and offer preferential interest rates. For completed home sales land parcels, support such as installment payment of land premiums and public resource allocation will be provided. For projects that continue to use the presale system, supervision of presale funds for commodity housing will be standardized to regulate fund usage. At the same time, financial coordination will be strengthened to advance the reform of real estate development financing methods, driving a shift in real estate development enterprise financing from reliance on the creditworthiness of the entity to meeting the reasonable financing needs of real estate projects. For each project, one bank or a banking syndicate will be designated as the lead bank. Funds from project development, construction, and sales will be deposited with the lead bank, which will ensure that the project company’s reasonable financing needs are met, forming a virtuous cycle mechanism where the lead bank and the project company share interests and risks. Closed management requirements for real estate project funds will be implemented. Before project delivery, it is strictly prohibited for investors to illegally withdraw or divert the project company’s sales and financing funds, and capital withdrawal or early dividend distribution is strictly prohibited. The Guangzhou Housing and Urban-Rural Development Bureau is publicly soliciting opinions on the "Guangzhou Housing Development 15th Five-Year Plan (Draft for Comments)." It will optimize the supply scale and pace of commercial residential land to promote market supply-demand balance. High-quality urban design and "good housing" construction requirements will be incorporated into land transfer conditions to enhance residential building quality. Real estate development enterprises are encouraged to shift from "scale-oriented" to "quality-oriented" approaches, continuously optimize standards, and build more livable high-quality housing. Support for housing will be steadily advanced for newly introduced talent, newly employed university graduates, newly married or first-time childbearing families, families with multiple children, and families supporting elderly members, so as to reduce the burden of purchasing a first home. Increase policy support for "selling old and buying new" homes, and implement relevant tax incentives. Standardize real estate brokerage services, and guide all types of real estate agencies to operate in accordance with the law, compete fairly, and clearly mark prices. Strengthen oversight of existing-home transactions, and establish and improve regulatory systems for transaction funds for existing homes. (Jin10 Data APP) [PBOC reverse repo operation resulted in a net withdrawal of 350.5 billion yuan today] The PBOC conducted 76 billion yuan in 7-day reverse repo operations today, and with 426.5 billion yuan in 7-day reverse repos maturing, a net withdrawal of 350.5 billion yuan was realized on the day. US Dollar: As of 11:45, the US dollar index fell 0.07 to 101.14. Markets await next week's Fed meeting for clues on the interest rate outlook and are closely monitoring developments in the Middle East conflict. According to the CME FedWatch Tool, the probability of the Fed keeping rates unchanged in July is 74.9%, with a 25.1% chance of a cumulative 25-basis-point hike. For September, the probability of holding rates steady is 28.9%, while the odds of a cumulative 25-bp hike are 55.7% and a 50-bp hike are 15.4%. (Jin10 Data APP) Furthermore, according to Politico, House Republicans on Tuesday passed a procedural vote 241–211, clearing the way for a short-term government funding bill and the "budget reconciliation 3.0" package. The stopgap funding measure aims to keep the federal government operating through December, while the budget framework provides the basis for a $95 billion partisan policy package. House Republican leadership hopes to pass the temporary funding bill later Tuesday. The House is then expected to vote on the budget resolution on Wednesday. Republicans intend to use this budget framework to begin drafting and passing a third conservative policy bill this Congress without any Democratic support. Other Currencies: Driven by a weak yen and surging oil prices, Japan's import value was up 25.4% YoY in June to a record 11.3 trillion yen (approx. $69.25 billion). This gain exceeded the market's previous expectation of a 21% rise and marked the fastest pace since November 2022, resulting in a trade deficit of 406.9 billion yen (approx. $2.49 billion) in June, far above the forecast of 120 billion yen. Although crude oil imports fell 13.7% YoY in volume terms, their value soared 59.3%, with the yen-denominated unit price also hitting a record high, underscoring that current inflationary pressures are largely driven by exchange-rate factors rather than demand growth. This means that compared to possible short-term changes in oil demand, the yen's appreciation plays a more significant role in easing import cost pressure. On the export side, the resilience brought by AI-related data center demand provides the Bank of Japan with actual economic growth support that can offset inflation risks. This combination of factors suggests that the Bank of Japan is more likely to adopt a cautious, gradual rate hike path rather than a sudden sharp tightening. Currently, the market expects the Bank of Japan to keep interest rates unchanged next week, while still maintaining a hawkish policy bias. (Jin10 Data APP) The Reserve Bank of Australia stated that a latest survey result shows inflation remains the top economic concern for Australians, while a "fundamental gap" still exists in the public's understanding of how monetary policy works. The survey is part of the RBA's efforts to enhance transparency and respond to the 2023 independent review recommendations. Since early last year, the bank has conducted three rounds of surveys, collecting opinions from approximately 9,000 Australians, and uses the results to improve communication with the public. The survey results showed: "Public trust in the RBA is comparable to other Australian and international institutions and has remained stable since early 2025," although trust levels vary across different groups. "Those with higher trust levels tend to have lower inflation expectations, underscoring the importance of trust itself and also its key role in the transmission of monetary policy." (Jin10 Data APP) Data: Today will see the release of the UK June CPI MoM, UK June Retail Price Index MoM, and other data. Crude oil: As of 11:45, both oil benchmarks rose, with WTI crude up 1.03% and Brent crude up 1.15%. Trump downplayed the possibility of immediate negotiations with Iran, and heightened US-Iran tensions pushed oil prices higher. The rise in oil prices directly exacerbated inflation concerns. (Wall Street Insights) Data: Last week, US crude oil inventories increased. API crude oil inventories for the week ending July 17: +2.603 million barrels, vs. expected -500,000 barrels and prior -564,000 barrels. API gasoline inventories for the week ending July 17: -1.379 million barrels, vs. expected -1.81 million barrels and prior -1.664 million barrels. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ►

According to the latest data from the General Administration of Customs, in June 2026, China imported 210,900 mt in physical content of copper scrap and shredded copper scrap, up 10.43% MoM and up 15.11% YoY. In January-June 2026, cumulative imports reached 1.2415 million mt in physical content, up 8.39% YoY.