SMM July 24 At 11:30 today, the futures closing price was 104,890 yuan/mt, down 1,280 yuan/mt from the previous trading day. The average spot premium was 325 yuan/mt, down 5 yuan/mt from the previous trading day. Today, copper scrap prices fell by 500 yuan/mt from the previous trading day. The copper scrap sales sentiment index dropped to 2.6, and the purchasing sentiment index dropped to 2.2. The price difference between copper cathode and copper scrap was 3,818 yuan/mt, down 27 yuan/mt from the previous trading day. The price difference between copper cathode rod and secondary copper rod was 1,130 yuan/mt. According to the SMM survey, copper prices pulled back. Many copper scrap traders delivered short positions they had taken earlier. Meanwhile, secondary copper rod enterprises expected copper prices still had room to pull back. Additionally, as copper scrap traders delivered short positions, the raw material inventory of secondary copper rod enterprises, including in-transit stocks, was ample. Therefore, spot transactions were mediocre during the day.

SMM Morning Brief: Overnight, LME copper opened at $13,740/mt, touched a high of $13,764/mt in early trading, then its price center consolidated lower toward the close, dipping to $13,560/mt, and finally settled at $13,566/mt, down 1.74%. Trading volume reached 20,000 lots, and open interest stood at 247,000 lots, up 1,022 lots from the previous trading day, reflecting an increase in bearish positions. Overnight, the most-traded SHFE copper 2609 contract opened at 105,100 yuan/mt, initially moved up to 105,290 yuan/mt, then its price center shifted straight down to hit a low of 104,310 yuan/mt, and afterwards moved sideways to eventually settle at 104,530 yuan/mt, down 1.4%. Trading volume totaled 67,600 lots, and open interest reached 212,000 lots, down 12,500 lots from the previous trading day, reflecting a reduction in bullish positions.

SMM July 23 At 11:30 today, the futures closing price was 106,170 yuan/mt, down 170 yuan/mt from the previous trading day. The average spot premiums were 330 yuan/mt, down 65 yuan/mt from the previous trading day. Today, copper scrap prices fell by 300 yuan/mt from the previous trading day. The copper scrap sales sentiment index rose to 2.66, and the procurement sentiment index rose to 2.29. The price difference between copper cathode and copper scrap was 4,545 yuan/mt, up 101 yuan/mt from the previous trading day. The price difference between copper cathode rod and secondary copper rod was 1,860 yuan/mt. According to the SMM survey, copper scrap suppliers maintained high-price shipments from yesterday, but secondary copper rod enterprises had relatively ample raw materials, coupled with growing fear of high prices, leading to relatively mediocre intraday market trading of copper scrap.

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,883.5/mt, rose to $13,888/mt at the start of the session, then drifted lower all the way, dipped to $13,800/mt near the close, and finally settled at $13,806.5/mt, down 0.17%. Trading volume reached 19,200 lots, and open interest stood at 246,000 lots, an increase of 1,752 lots from the previous trading day, reflecting an increase in bear positions. Overnight, the most-traded SHFE copper 2609 contract opened at 106,000 yuan/mt, touched a high of 106,190 yuan/mt at the start of the session, then saw its price center shift lower to touch 105,810 yuan/mt. After wild swings, it finally closed at 105,940 yuan/mt, down 0.16%. Trading volume reached 26,600 lots, and open interest stood at 224,000 lots, a decrease of 3,512 lots from the previous trading day, reflecting a reduction in bull positions.

SMM July 22 At 11:30 today, the futures closing price was 106,340 yuan/mt, up 1,410 yuan/mt from the previous trading day. The average spot premium was 395 yuan/mt, down 75 yuan/mt from the previous trading day. The price of copper scrap rose 600 yuan/mt from the previous day. The sales sentiment index for copper scrap rose to 2.6, and the purchasing sentiment index rose to 2.35. The price difference between copper cathode and copper scrap was 4,444 yuan/mt, up 699 yuan/mt from the previous day. The price difference between copper cathode rod and secondary copper rod was 1,800 yuan/mt. According to the SMM survey, copper prices retreated after a rapid rise but remained at high levels. Suppliers of copper scrap actively sold goods, with even some copper scrap materials taking short positions in the market. Meanwhile, secondary copper rod enterprises, driven by arbitrage on the cathode-scrap price spread, purchased a considerable amount of copper scrap in the market, leading to relatively active transactions during the day.

SMM Morning Briefing: Overnight LME copper opened at $13,857/mt, drifted lower in early trading to touch a low of $13,781.5/mt, then its price center rose in a straight line to hit a high of $13,934/mt, and finally closed at $13,905.5/mt, up 1.91%. Trading volume reached 32,700 contracts, and open interest stood at 244,000 contracts, an increase of 344 contracts from the previous trading day, with bulls adding positions. Overnight, the most-traded SHFE copper 2609 contract opened at 106,130 yuan/mt, dipped early to 105,830 yuan/mt, then its price center climbed all the way, touching a high of 106,760 yuan/mt near the end of the session, and finally closed at 106,600 yuan/mt, up 1.69%. Trading volume reached 55,000 contracts, and open interest stood at 225,000 contracts, an increase of 9,557 contracts from the previous trading day, with bulls adding positions.

SMM July 21 At 11:30 today, the futures closing price was 104,930 yuan/mt, up 750 yuan/mt from the previous trading day. The average spot premiums were 470 yuan/mt, up 35 yuan/mt from the previous trading day. Today, the price of copper scrap rose 200 yuan/mt from the previous trading day. The copper scrap sales sentiment index rose to 2.53, while the purchase sentiment index remained flat at 2.29. The price difference between copper cathode and copper scrap was 3,745 yuan/mt, up 527 yuan/mt from the previous trading day. The price difference between copper cathode rod and secondary copper rod was 1,590 yuan/mt. According to an SMM survey, copper prices extended yesterday’s gains, and the cathode-scrap price spread continued to widen. Although copper scrap suppliers were active in selling, secondary copper rod enterprises currently have relatively ample raw material inventories, so their intraday purchase willingness remained flat from yesterday.

SMM Morning Meeting Minutes: Overnight LME copper opened at $13,604/mt, and amid wild swings at the beginning of the session, it dipped to a low of $13,590/mt. It then continued to swing wildly, rising to a high of $13,645/mt near the end of the session, and eventually closed at $13,644.5/mt, up 0.86%. Trading volume reached 15,600 lots, and open interest stood at 244,000 lots, down 1,039 lots from the previous trading day, indicating a reduction in bearish positions. Overnight the most-traded SHFE copper 2609 contract opened at 104,490 yuan/mt, and initially dipped to a low of 104,240 yuan/mt. It then drifted higher to touch a high of 104,680 yuan/mt, afterwards moving sideways, and finally settled at 104,480 yuan/mt, up 0.69%. Trading volume reached 33,800 lots, and open interest stood at 192,000 lots, up 1,706 lots from the previous trading day, indicating an increase in bullish positions.

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.

SMM July 20 At 11:30 today, the futures closing price was 104,180 yuan/mt, up 330 yuan/mt from the previous trading day. The average spot premium stood at 435 yuan/mt, up 35 yuan/mt MoM. Today, secondary copper raw material prices rose 300 yuan/mt MoM. The secondary copper raw material sales sentiment index rose to 2.47, while the purchase sentiment index fell to 2.29. The price spread between copper cathode and copper scrap was 3,218 yuan/mt, up 29 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,410 yuan/mt. According to the SMM survey, high premiums caused by low inventories kept copper cathode spot prices staying high in the off-season. End-user enterprises showed increasing fear of high prices, and their purchase willingness weakened. This caused new orders for secondary copper rod enterprises to weaken further in the off-season, naturally reducing their demand for raw materials.