To better serve industrial clients and more closely align with the market, SMM is adding a new Blister Copper RC Spot CIF India price, which will be officially launched on the SMM website (smm.cn) on May 29, 2026.
Shanghai Metals Market (SMM) Blister Copper RC Spot CIF India Price Assessment Methodology
1.1 General Principles of SMM Price Assessment Methodology
SMM (hereinafter referred to as SMM) is a completely independent third-party service provider that does not participate in any substantive transactions. Instead, it maintains close communication with buyers or sellers in transactions as a market observer or organizer, and provides relevant services to the market. SMM continuously formulates, reviews, and revises its methodologies through communication with industry insiders, adopting the most common product specifications, trade terms, and trade conditions in the industry. It attaches equal importance to normal transactions that meet the specification standards. SMM reserves the right to exclude any price data information deemed to be of poor reliability or non-representative from its price assessments.
SMM publishes daily spot metal prices (or price indices, including those for the Chinese market, markets outside China, and global markets), commonly referred to as SMM prices. For each published SMM price, SMM has established a corresponding methodology (all of which are available for reference on SMM’s official website, www.smm.cn). The methodology specifies the methods and procedures for generating and publishing SMM prices, and SMM strictly adheres to these provisions when producing and releasing SMM prices.
To align with the actual conditions of the spot market, SMM may make necessary revisions to its price assessment methodology. Such revisions will be announced on SMM’s official website, www.smm.cn, 28 days prior to their formal implementation. For any questions or suggestions regarding SMM prices or their methodology, please contact SMM customer service (contact information can be found on SMM’s official website, www.smm.cn).
This document outlines the standards for establishing SMM 8μm Lithium Battery Copper Foil premium, cif Korea, $/tonne. The purpose of SMM in developing this standard is to establish a transparent and verifiable mechanism for SMM price determination.
The SMM Benchmark Management Committee also regularly reviews the methodology and its assessment and publication processes. This committee oversees SMM’s methodology and compilation process, ensuring that the prices or indices reflect, as accurately as possible, the objective conditions of the physical spot market for the relevant commodities. If the committee identifies any issues, it will promptly highlight them and propose external consultation and revisions to the current methodology or processes, thereby enhancing the quality of the prices or indices published by SMM. The committee may only propose modifications to the methodology and procedures used for future price or index assessments; it cannot alter already published prices or indices.
2. Formation of SMM Blister Copper RC Spot CIF India Price
2.1 Significance of the Price Assessment
In the copper industry chain, blister copper flows into the smelting stage as raw material or cold charge. Against the backdrop of tight copper concentrates raw material supply, smelters actively seeking raw material sources, and expanding demand in the Indian market, attention to blister copper RCs has risen significantly in recent years. In light of this, SMM will officially launch the weekly Blister Copper RC Spot CIF India price assessment starting May 29, 2026, in order to refine and deepen the copper industry chain structure and gain a more detailed understanding of copper market supply and demand conditions. The SMM Blister Copper RC Spot CIF India price is an indicative price generated and published by SMM in accordance with this methodology, which can be adopted by both trading parties as a reference for spot blister copper trade settlement. SMM price subscribers will be able to access historical prices simultaneously upon launch.
2.2 SMM Blister Copper RC Spot CIF India Price Assessment Methodology
2.2.1 Product Standards
Reference standards: YS/T 70-2015 blister copper industry standard and US standard ASTM E1771-07.
2.2.2 Price Terms
The price is a CIF price at major Indian ports, exclusive of VAT; based on a deduction from LME CSP, with a QP of M+2 (M being the shipment month), denominated in US dollars per mt.
2.2.3 Payment Terms
The price assessment reflects cash payment terms within the transaction month. Reference is made to major international payment methods (including T/T telegraphic transfer, D/P documents against payment, D/A documents against acceptance, etc.). If significant deviations from this standard occur, SMM will consider whether to exclude individual samples based on trade volume. In cases of deferred payment or letter of credit payment, SMM will apply interest rate adjustments to align with this standard.
2.2.4 Price Format and Quotation Time
The quoted prices are in the form of a processing fee range, consisting of the lowest and highest prices, with a minimum price increment of $5/mt. For example: Blister Copper RC Spot CIF India price range $80–90/mt, average price: $85/mt. The SMM Blister Copper RC Spot CIF India price will be published before 10:00 AM India time on the last working day of each week. If there are fewer than 3 working days in a given week, the weekly RCs will not be published that week. Once published, SMM will not revise or adjust the prices based on market information collected after the publication.
2.2.5 Transaction Price Collection from Core Market Participants
The transaction price collection from core market participants is an important source for the SMM Blister Copper RC Spot CIF India quotation.
The price collection for SMM Blister Copper RC Spot CIF India is sourced from a relatively fixed group of market participants, including copper smelting producers, purchasers, and traders. The price collection is based on actual transaction data from fixed market participants. SMM determines the price range by comprehensively considering actual transaction circumstances, including the relationship between the trading parties, the specifications and quality of the traded products, brand grades, and payment terms.
2.2.5.1 Smelters
a. Annual blister copper capacity of over 3,000 mt, or annual procurement volume of over 3,000 mt, with standardized sales or procurement models, smooth sales channels, relatively stable sales or procurement volumes, a certain degree of influence and reputation, lawful and honest operations, and a good market reputation.
b. Able to objectively and truthfully provide feedback on the enterprise's own blister copper production and sales or procurement conditions, including production, operating rate, product quality, selling price, sales, sales destinations, and product inventory, and able to maintain good communication with SMM price analysts in this regard.
c. Having certain assessments and expectations regarding the macroeconomic situation, the current state of the blister copper industry, and blister copper market transactions, and able to maintain good communication with SMM price analysts in this regard.
2.2.5.2 Traders
a. Engaged in imported spot blister copper trading for more than two years, with an average annual one-sided purchase and sales volume of over 3,000 mt, with standardized purchase and sales models, smooth purchase and sales channels, relatively stable purchase and sales volumes, a certain degree of influence and reputation, lawful and honest operations, and a good market reputation. b. Be able to objectively and truthfully provide feedback on the enterprise's own actual blister copper procurement and sales situations, including product quality, purchase and sales prices, purchase and sales quantities, sources of procurement and sales destinations, product inventory, etc., and maintain good communication with SMM price analysts in this regard.
c. Have certain judgments and expectations regarding the macroeconomic situation, the current status of the blister copper industry, and blister copper market transactions, and maintain good communication with SMM price analysts in this regard.
2.2.6 Quantity
SMM obtains Blister Copper RC Spot CIF India price information through standard price collection methods. The minimum transaction quantity of blister copper that can be included in standard price collection should be no less than 100 mt per transaction. For each transaction whose volume does not fall within this range, we will refer to feedback from market participants and deduct premiums or discounts to bring it in line with the standard. If such a transaction is an incidental occurrence that cannot be repeated under the same conditions, the price collection will be discarded.
2.2.7 Methods of Price Collection
SMM will, in accordance with the price collection confirmation agreement, have price analysts regularly collect price information from price collection contacts in the copper foil industry through telephone, QQ, WeChat, fax, and email. Such price information includes transaction prices that have been concluded, the enterprise's expected most likely pending transaction prices, etc. All instant messaging content, email communication content, and records of any face-to-face communications will be archived; details of telephone communications will be recorded and entered into the database. SMM analysts must comply with the "Compliance Policy" when reporting to their supervisors any communication content from market participants that is coerced or threatened, or any induced offers attempting to influence assessments. After the price is published, SMM will not make any further corrections or adjustments on that day.
2.2.8 Data Standardization
Although SMM has standardized definitions for our prices, there is diversity in market transactions. The price of each transaction is influenced by numerous factors, including order size, product brand, delivery time, payment terms, etc. SMM will comprehensively consider quotations, bids, and transaction information in the market and align them with our standards. 2.2.9 Price Assessment Process
The specific process is as follows:
2.3 Methodology Changes
All markets evolve, and SMM has a responsibility to ensure that the methodology for market reporting evolves with them. Therefore, SMM conducts regular internal reviews of the appropriateness of its methodology based on industry feedback. For all substantive but non-urgent potential modifications, SMM will follow a formal external consultation process. Significant changes will then be published with a notice period of at least 28 days, inviting industry participants to comment, unless special circumstances, particularly force majeure events (natural disasters, wars, exchange bankruptcies, etc.), necessitate a shorter notice period. SMM commits to carefully reviewing all comments on proposed methodology changes, but in certain cases, it may be necessary to make changes to the methodology against the wishes of some market participants. In addition, SMM has a formal methodology consultation process in place. SMM commits to holding a formal consultation on its methodology every three years. The date of the last consultation and the deadline by which SMM commits to holding the next consultation are located at the top of the methodology document. More relevant enterprises across the industry chain are welcome to participate in and support SMM in better serving enterprises related to the blister copper industry chain.
For any inquiries, please contact Owen Jiang of the SMM copper research team.
Contact information: 021-20707916, 15615750662