[SMM Analysis] consumption support is weak and pressure on Brass Bar Enterprises soars in May

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,393/mt. In early trading, the price center rose, hitting a high of $13,452/mt, then drifted lower, and near the end of the session hit a low of $13,323/mt, finally closing at $13,334.5/mt, down 0.57%. Trading volume was 10,600 lots, and open interest stood at 247,000 lots, down 2,082 lots from the previous trading day, reflecting a reduction in long positions. Overnight, the most-traded SHFE copper 2608 contract opened at 103,080 yuan/mt. In early trading, the price center climbed to a high of 103,500 yuan/mt, then drifted lower, and near the end of the session hit a low of 102,880 yuan/mt, finally closing at 103,100 yuan/mt, up 0.14%. Trading volume was 24,400 lots, and open interest stood at 148,000 lots, down 854 lots from the previous trading day, reflecting a reduction in short positions.

En el primer semestre de 2026, la industria china de alambre esmaltado mostró en conjunto un patrón por fases de 'repunte y auge posvacacional, seguido de un retroceso sostenido en el segundo trimestre', con características operativas muy centradas en la diferenciación estructural.