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Looking ahead to tomorrow, copper prices remain at a relatively high level, downstream demand is weak, and the market is dominated by just-in-time procurement. Trading sentiment has pulled back slightly for consecutive days, and market transactions are sluggish. In terms of market structure, the inter-month Contango price spread between futures contracts remains around 150 yuan/mt. Suppliers show a strong willingness to hold open interest for delivery, and some inclination to hold prices firm has emerged, with some suppliers offering standard-quality copper cargoes with invoices dated this month at a discount of 120 yuan/mt during the day. Overall, Shanghai spot copper prices against the SHFE copper 2606 contract are expected to remain at a discount tomorrow, but downside room is limited.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, copper prices remain at a relatively high level, downstream demand is weak, and the market is dominated by just-in-time procurement. Trading sentiment has pulled back slightly for consecutive days, and market transactions are sluggish. In terms of market structure, the inter-month Contango price spread between futures contracts remains around 150 yuan/mt, suppliers show a strong willingness to hold open interest for delivery, and a tendency to hold prices firm has emerged. During the day, some suppliers offered standard-quality copper with cargoes with invoices dated this month at a discount of 120 yuan/mt. Overall, Shanghai spot copper prices against the SHFE copper 2606 contract are expected to remain at a discount tomorrow, but downside room is limited.