SMM Morning Meeting Summary: Overnight, LME copper opened at $12,264.5/mt. After testing a low of $12,282.5/mt in early trading, its center fluctuated downward, nearing the close and hitting a low of $12,079/mt, before finally closing at $12,120/mt, down 1.33. Trading volume reached 18,000 lots, open interest stood at 296,000 lots, an increase of 326 lots from the previous trading day, mainly reflecting bears adding positions overall. Overnight, the most-traded SHFE copper 2605 contract opened at 95,350 yuan/mt, tested a low of 95,900 yuan/mt in early trading, and then its center moved lower to a low of 94,950 yuan/mt, before finally closing at 95,150 yuan/mt, down 0.45. Trading volume reached 39,000 lots, open interest stood at 188,000 lots, a decrease of 2,104 lots from the previous trading day, mainly reflecting bulls reducing positions overall.

On Friday, November 21, the International Copper Study Group (ICSG) stated in its latest monthly bulletin that the global copper cathode market recorded a deficit of 51,000 mt in September, while there was a surplus of 41,000 mt in August. The agency reported that the market showed a surplus of 94,000 mt in the first nine months of the year, compared to a surplus of 310,000 mt during the same period last year. Global copper cathode production was 2.37 million mt in September, with consumption at 2.42 million mt. After adjusting for inventory changes in Chinese bonded warehouses, the market showed a deficit of 50,000 mt in September, compared to a surplus of 47,000 mt in August. (Comprehensive Report by Wen Hua) As the world's largest copper consumer, China's industry chain faces three major challenges: increasing external dependence on upstream resources, overcapacity in midstream processing, and downstream demand being suppressed by high copper prices. To help the industry navigate these changes, SMM has collaborated with copper industry chain enterprises to jointly produce. Click the following link to receive the Copper Industry Chain Distribution Map for free: . SMM Co-production Contact Liu Mingkang 156 5309 0867 liumingkang@smm.cn

In recent weeks, there has been intense debate about the outlook for the copper market in the second half (H2) of 2025.

According to SMM, the International Copper Study Group (ICSG) stated in its latest monthly report that the global copper cathode market experienced a supply surplus of 17,000 mt in March, compared to a surplus of 180,000 mt in February. ICSG reported that in the first three months of this year, the market had a supply surplus of 289,000 mt, compared to a surplus of 268,000 mt in the same period last year. Global copper cathode production in March was 2.43 million mt, with consumption at 2.41 million mt. ICSG said that after adjusting for inventory changes in China's bonded warehouses, the supply surplus in March was 38,000 mt, compared to a surplus of 195,000 mt in February.

[ICSG: Global Copper Market Saw a Supply Surplus of 17,000 mt in March, with a 289,000 mt Surplus in the First Three Months of the Year] On May 27 (Tuesday), the International Copper Study Group (ICSG) stated in its latest monthly report that the global copper cathode market experienced a supply surplus of 17,000 mt in March, following a surplus of 180,000 mt in February. The ICSG reported that in the first three months of this year, the market saw a supply surplus of 289,000 mt, compared to a surplus of 268,000 mt during the same period last year.

On May 27 (Tuesday), the International Copper Study Group (ICSG) stated in its latest monthly report that the global copper cathode market experienced a supply surplus of 17,000 mt in March, compared to a surplus of 180,000 mt in February. ICSG reported that in the first three months of this year, the market had a supply surplus of 289,000 mt, compared to a surplus of 268,000 mt in the same period last year. Global copper cathode production in March was 2.43 million mt, with consumption at 2.41 million mt. ICSG stated that after adjusting for inventory changes in China's bonded warehouses, the supply surplus in March was 38,000 mt, compared to a surplus of 195,000 mt in February.