[Copper Cathode Customs Data] According to data from the General Administration of Customs, in July 2026, China imported 245,000 mt of copper cathode, down 13.77% MoM and down 17.71% YoY; from January to July 2026, cumulative imports stood at 1.6736 million mt, down 14.50% YoY on a cumulative basis. In July, China exported 34,800 mt of copper cathode, down 28.15% MoM and down 70.57% YoY; from January to July 2026, cumulative exports reached 358,600 mt, down 14.73% YoY on a cumulative basis.

SMM August 20 Today at 11:30, the futures closing price was 107,370 yuan/mt, up 470 yuan/mt from the previous trading day. The average spot premiums were 350 yuan/mt, down 45 yuan/mt from the previous trading day. Today, copper scrap prices increased by 200 yuan/mt from the previous trading day. The sales sentiment index for copper scrap fell to 2.69, and the purchasing sentiment index fell to 1.88. The price difference between copper cathode and copper scrap was 4,387 yuan/mt, up 199 yuan/mt from the previous trading day. The price difference between copper cathode rod and secondary copper rod was 1,290 yuan/mt. According to an SMM survey, copper prices stopped falling and stabilized. Secondary copper rod enterprises reported an increase in upstream supply, and they were all worried about the risk of further price declines. Meanwhile, secondary copper rod enterprises indicated that as the traditional peak season arrived, coinciding with the increase in supply, most reasonably priced materials were fully traded, and copper scrap trading was relatively active during the day.

SMM August 20 news: Today, spot #1 copper cathode in Guangdong was quoted at a premium of 110-180 yuan/mt against the front-month contract, with an average premium of 145 yuan/mt, up 25 yuan/mt from the previous session. SX-EW copper was quoted at a premium of 30-50 yuan/mt, with an average premium of 40 yuan/mt, up 30 yuan/mt from the previous session. The average price of #1 copper cathode in Guangdong was 107,235 yuan/mt, up 360 yuan/mt from the previous session, and the average price of SX-EW copper was 107,130 yuan/mt, up 365 yuan/mt from the previous session. Spot market: Copper prices stopped falling and stabilized. As the traditional peak season approached, end-user stockpiling demand recovered, coupled with social inventory destocking in Guangdong; traders maintained high premium quotes, and with end-users ensuring delivery of peak-season orders, transaction volumes increased from yesterday. Today, purchase sentiment for copper cathode in Guangdong was 2.53, up 0.14 from the previous session, and shipment sentiment was 3.09, up 0.14 from the previous session (historical data can be checked in the database). As of 11:00, the front-month contract high-quality copper reported a premium of 160 yuan/mt, standard-quality copper reported a premium of 80 yuan/mt, and SX-EW copper reported a premium of 10 yuan/mt. Overall, with downstream demand recovering and low inventory, suppliers offered high premiums, and transaction conditions were moderate due to increased stockpiling demand. > Order to view SMM metal spot historical prices > View SMM database

[Shanghai spot copper] Looking ahead to tomorrow, buying sentiment in the Shanghai region continued to recover during the day, but market transactions remained dominated by flows between traders. Although some downstream players made just-in-time procurement, actual demand growth was relatively limited, and end-use consumption has not shown a significant improvement. Quotes for standard-quality copper were continuously lowered from a premium of around 350 yuan/mt in the early session to approximately 260 yuan/mt, after which transactions increased, reflecting the market's still low acceptance of high-premium cargoes. Suppliers still have the willingness to lower quotes to facilitate transactions. On the other hand, available cargoes of high-quality copper and non-registered copper were relatively scarce, coupled with the inter-month back price spread maintained at 310-350 yuan/mt, providing some support to quotes for certain brands. In summary, against the backdrop of traders' purchases providing some demand support but limited downstream procurement growth and strong willingness of suppliers to sell, spot copper prices against the SHFE 2609 contract are expected to remain at a premium tomorrow, with the overall center likely to continue shifting slightly downward.

After the delivery contract rollover this week, spot premiums for Shandong copper cathode shifted from a discount to a premium. As of Thursday, the average spot premium reached 140 yuan/mt. Copper prices fluctuated sharply during the week, shooting up to 110,000 yuan/mt before pulling back to around 107,000 yuan/mt. Market trading sentiment clearly fluctuated with the futures, and downstream transactions recovered somewhat from earlier sluggishness. On the supply side, suppliers' overall willingness to sell was relatively strong. On the demand side, it remained the traditional consumption off-season, with downstream enterprises mainly purchasing as needed. After copper prices pulled back, point-price transactions in the market increased, but most were only to cover raw material gaps for existing orders. Although copper prices had pulled back from earlier highs, the absolute price level remained relatively high, and the market did not see sustained volume expansion. Overall, the off-season pattern persisted, with procurement mainly driven by actual rigid demand. Looking ahead to next week, copper prices are likely to stay high, and demand is unlikely to see significant improvement. Spot premiums are expected to have room for a pullback.

According to SMM, the copper cathode market in Shandong saw improved transactions today, with purchasing sentiment rebounding to 2.77.

Today, spot #1 copper cathode prices in North China against the front-month contract were quoted at an average premium of 50 yuan/mt to 200 yuan/mt, with the average premium at 125 yuan/mt, down 25 yuan/mt from the previous trading day, and transaction prices averaged 107,225 yuan/mt, up 355 yuan/mt from the previous trading day;

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,890.5/mt, dipped to $13,875/mt in early trading, then its center moved up to a high of $14,058/mt, and finally closed at $14,051.5/mt, up 0.64%. Trading volume reached 23,000 lots and open interest stood at 261,000 lots, a decrease of 8,415 lots from the previous trading day, indicating a reduction in bearish positions. Overnight, the most-traded SHFE copper 2609 contract opened at 107,020 yuan/mt, quickly hit a high of 107,340 yuan/mt in early trading, then its center declined to a low of 107,010 yuan/mt, and finally moved sideways to close at 107,230 yuan/mt, up 0.23%. Trading volume reached 25,000 lots and open interest stood at 171,000 lots, a decrease of 4,636 lots from the previous trading day, indicating a reduction in bearish positions.

SMM August 19 At 11:30 today, the futures closing price was 106,900 yuan/mt, down 790 yuan/mt from the previous trading day. Spot premiums averaged 395 yuan/mt, down 20 yuan/mt MoM. Today, secondary copper prices fell by 500 yuan/mt MoM. The secondary copper sales sentiment index dropped to 2.66, while the purchase sentiment index rose to 1.91. The price spread between copper cathode and copper scrap was 4,188 yuan/mt, up 90 yuan/mt MoM, and the price difference between copper cathode rod and secondary copper rod stood at 1,270 yuan/mt. According to the SMM survey, as copper prices fell for two consecutive days, secondary copper rod enterprises showed a significant increase in purchase willingness. With relaxation of reverse invoicing restrictions in some regions, restocking willingness became more pronounced. However, secondary copper traders were reluctant to sell at this point, generally holding back from selling, making it hard for secondary copper transactions to pick up volume.

[SMM Shanghai Spot Copper] Tomorrow, the price center of the SHFE copper 2609 contract is expected to move notably lower during the day from the previous trading day, driving the release of downstream dip-buying demand, and purchase sentiment in Shanghai is expected to rebound markedly. SMM has learned that orders for some downstream enterprises have improved notably WoW, and their purchase willingness for copper cathode has strengthened accordingly, with market trading activity picking up somewhat. However, some warrant cargo has gradually flowed into the spot market, increasing the available supply. Suppliers have been continuously lowering their quotes to facilitate transactions, and the downstream's bargaining willingness has been evident, weighing on spot premiums. Meanwhile, the available supply of high-quality copper remains scarce, and the backwardation spread has widened, still providing some support for quotes of certain brands. Overall, under the combined effect of the copper price pullback boosting demand improvement but the outflow of warrant cargo replenishing spot supply, Shanghai spot copper prices against the 2609 contract are expected to maintain a premium tomorrow.