Data: SHFE, DCE market movement (Feb 10)

[SMM Flash] SHFE copper futures warrants increased by 8,811 mt during the day, with the total now reaching 165,939 mt. The main increases were in Shanghai (4,812 mt), Guangdong (3,057 mt), and Jiangsu (942 mt).

[Ankai Bus: January sales of 458 units, down 18.36% YoY] Ankai Bus announced on February 10 that in January 2026, the company's bus production was 761 units, up 35.65% YoY; bus sales were 458 units, down 18.36% YoY.

Looking ahead to tomorrow, spot premiums are expected to face downward pressure. Suppliers demonstrated a willingness to sell during the day, while downstream consumption weakened as some enterprises began holiday preparations and stockpiling demand was largely fulfilled, leading to a slight softening in premiums. On the supply side, previously price-locked import cargoes are arriving at ports, increasing overall market availability. However, it is noteworthy that to capture futures spread gains, most suppliers of deliverable brands are holding material for warehouse delivery, tightening the supply of such spot goods. Concurrently, buyer interest remains subdued, creating a stagnant supply-demand stalemate that is likely to suppress spot trading activity and cap premium performance.