In recent years, copper cathode trading activity in Europe has increased, in 2025, amid changes in global trade flows, both inflows and outflows of copper cathodes in the region became more active. According to SMM research, imports of copper cathodes into Europe in 2025 saw a notable increase from China, Africa, and Central Asia. Supported by the long-established London Metal Exchange (LME) system, Europe has developed a well-established, mature, and dynamic spot trading market.
Against this backdrop, Shanghai Metals Market (SMM) officially launched the Copper grade A cathode premium, cif Rotterdam, USD/(tonne) on February 24th, 2026. This price reflects the premium of LME-registered brand bills of lading delivered on a CIF Rotterdam term, incorporating factors such as warehouse circulation costs, regional logistics and freight rates, trading activity, and brand preferences, to form a representative market settlement reference price.
The price is updated daily and published simultaneously on the SMM website, where users can access historical price charts and analytical data.
The launch of this price aims to enhance price transparency across the copper value chain, providing more refined pricing tools for physical trading, long-term contract negotiations, and processing operations, and supporting more efficient price discovery in the global market.
Key specifications of the SMM Copper grade A cathode premium, cif Rotterdam, USD/tonne are as follows:
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