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.

Diamond Power Infrastructure is investing ₹1.686 billion across three expansion projects at its integrated Vadodara complex. The largest project will upgrade its existing rod mill and conductor facilities into a modern 1.1kV aluminium and copper power and control cable plant, adding 42,024 km of annual capacity with commercial production targeted from FY2028. The company currently has around 100,000 tpy of conductor capacity and is also expanding its HV/EHV cable capabilities.

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 Morning Meeting Minutes: Overnight, LME copper opened at $14,045/mt, hit a high of $14,106.5/mt early in the session, then its price center descended and fell to $13,958/mt, before finally closing at $13,961.5/mt, down 1.2%. Trading volume reached 21,000 lots, and open interest stood at 270,000 lots, a decrease of 276 lots from the previous session, indicating long liquidation. Overnight, the most-traded SHFE copper 2609 contract opened at 107,630 yuan/mt, immediately hitting a high of 107,770 yuan/mt, then the price center plunged straight down to hit a bottom of 106,820 yuan/mt, finally closing at 107,020 yuan/mt, down 0.89%. Trading volume reached 42,000 lots, and open interest stood at 186,000 lots, a decrease of 6,652 lots from the previous session, indicating long liquidation.

SMM August 18 At 11:30 today, the futures closing price was 107,690 yuan/mt, down 2,210 yuan/mt from the previous trading day; spot premiums averaged 415 yuan/mt, up 335 yuan/mt from the previous trading day. Today, copper scrap prices fell 500 yuan/mt from the previous day; the copper scrap sales sentiment index fell to 2.73, while the procurement sentiment index rose to 1.82; the price difference between copper cathode and copper scrap was 4,098 yuan/mt, down 1,435 yuan/mt from the previous day. The price difference between copper cathode rod and secondary copper rod was 1,430 yuan/mt. According to an SMM survey, after the futures delivery day ended, copper prices quickly pulled back. Although secondary copper rod enterprises wanted to purchase more, copper scrap suppliers believed prices had fallen too much and were unwilling to sell at low levels; most held prices firm while selling. Tax-included copper scrap prices were relatively firm, and intraday quotations were at a discount of 1,500 yuan/mt against futures, narrowing by 200 yuan/mt from yesterday.

As the world's largest copper producer and consumer, China is facing three major challenges: 1. Upstream resource bottleneck: limited growth in domestic copper ore, with external dependence continuing to climb; 2. Midstream processing challenges: overcapacity in the copper rod and copper pipe & tube industries, enterprises' reliance on exports, and significant transformation pressure on copper plate/sheet and strip; 3. Downstream demand fluctuations: high copper prices suppressing end-use consumption, and new sectors becoming the main growth points. To promote the healthy development of the industry, SMM is taking the lead in compiling , by integrating industry resources and optimizing information sharing, to provide decision-making support for enterprises across the industry chain. Hereby, SMM , together with Shanghai Guochu Logistics Co., Ltd. , sincerely invites enterprises related to the copper industry chain to serve as co-production units and jointly produce the copper industry distribution map, and welcomes renowned enterprises to join! (Click this link to receive a free copy of the distribution map: ) Shanghai Guochu Logistics Co., Ltd. Shanghai Guochu Logistics Co., Ltd. State-owned enterprise bonded warehouse, futures delivery warehouse, dedicated railway line Shanghai Guochu Logistics Co., Ltd. is jointly funded by the State Reserve Materials Regulation Center and public institutions under the Shanghai Bureau of the National Food and Strategic Reserves Administration. Relying on the "Guochu" brand, it mainly provides third-party logistics services. Its warehouses are located in Huangdu, Waigaoqiao, and Lingang in Shanghai, and it holds qualifications for bonded warehousing, futures delivery (copper, aluminum, lead, zinc, nickel, tin, lithium carbonate), and dedicated railway lines. Its business covers comprehensive logistics services including multimodal transport, freight forwarding, and customs declaration and inspection, and it is committed to building a high-quality logistics brand and providing clients with integrated logistics solutions. Contact Zhang Hongxia 137 6129 0128 SMM Co-production Contact Zhang Wencheng 187 6645 7954 zhangwencheng@smm.cn

[SMM Analysis: From Aurubis to Nexans and Wieland, Why Are European and American Copper Companies Collectively Ramping Up Recycled Raw Materials?] In recent years, the copper industry in Europe and the United States has significantly accelerated its push into recycled raw materials, and participants are no longer limited to traditional secondary copper smelters. From integrated smelters such as Aurubis, Boliden, and Glencore to wire-and-cable and copper-processing enterprises such as Nexans and Wieland, different segments of the industry are simultaneously strengthening their capabilities in copper scrap recycling, pretreatment, smelting, and internal recycling. This means the logic behind the development of the secondary copper industry in Europe and the United States is shifting: recycled raw materials are no longer merely a supplement to primary copper supply, but are gradually becoming an important strategic resource for companies to ensure raw material security, stabilize profit sources, and reduce the carbon footprint of their products.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $14,320/mt and hit an early high of $14,343/mt. Copper prices then saw their center move lower and dipped to $14,122/mt, before ultimately moving sideways to close at $14,130.5/mt, down 0.3%. Trading volume reached 24,000 lots, and open interest reached 270,000 lots, an increase of 904 lots from the previous trading day, indicating bears added positions. Overnight, the most-traded SHFE copper 2609 contract opened at 108,840 yuan/mt and hit an early high of 108,860 yuan/mt. Copper prices then saw their center fall straight down and hit bottom at 107,740 yuan/mt, before ultimately moving sideways to close at 108,070 yuan/mt, down 0.84%. Trading volume reached 52,500 lots, and open interest reached 199,000 lots, a decrease of 11,525 lots from the previous trading day, indicating bulls reduced positions.

SMM August 17 At 11:30 today, the futures closing price was 109,900 yuan/mt, up 1,650 yuan/mt from the previous trading day. The average spot premiums were 80 yuan/mt, up 210 yuan/mt MoM from the previous trading day. Today, copper scrap prices rose 600 yuan/mt MoM. The copper scrap selling sentiment index rose to 2.85, while the purchasing sentiment index fell to 1.72. The price difference between copper cathode and copper scrap was 5,533 yuan/mt, up 972 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 2,260 yuan/mt. According to the SMM survey, intraday delivery of futures contracts and a sharp rise in copper prices threw copper scrap market quotations into disarray. Scrap utilization enterprises were unwilling to follow the rally and maintained a low-price procurement strategy, while suppliers of copper scrap were bullish on further rises in copper prices and showed weak willingness to sell. Overall intraday transactions were relatively weak.