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  Silver prices pull back under pressure, downstream inquiries are active, and market transactions improve slightly [SMM Daily Review]

• Domestic circulating supply is tight in Shanghai, and Shanghai spot copper premiums have risen [SMM Shanghai spot copper]

  [SMM spot copper] Looking ahead to tomorrow, copper prices have once again touched 79,000 yuan/mt. The purchasing sentiment is low during the day, and suppliers are holding inventory under a Contango structure, refusing to budge on prices for sources with good liquidity. However, some suppliers with a need to sell are offering low-priced "stuff" to downstream buyers, leading to an excessive price spread between brands. It is expected that there will be limited downside room for a significant drop in spot premiums for SHFE copper tomorrow.

• [SMM Nickel Midday Review] Nickel prices rebounded on August 11. Trump and Putin will meet in Alaska, US, on August 15.

• Market supply and demand remain stable, and spot premiums/discounts stabilize [SMM spot copper in North China]

  Today, spot #1 copper cathode in North China traded at a discount of 140 yuan/mt to 100 yuan/mt against the front-month contract, with an average discount of 120 yuan/mt, unchanged from the previous trading day. The transaction price ranged from 78,810 yuan/mt to 78,920 yuan/mt, with an average price of 78,865 yuan/mt, up 575 yuan/mt from the previous trading day.

• BYD accelerates global expansion丨Top 10 destinations by BYD's passenger vehicle shipments in H1 2025

  On March 25, 2025, BYD hosted an investor communication meeting in Hong Kong, announcing a 2025 sales target of 5.5 million vehicles, including over 800,000 units from overseas markets.