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[SMM Shanghai Spot Copper] Looking ahead to tomorrow, enterprises with pre-holiday stockpiling demand have largely completed their stockpiling activities, and market trading is likely to turn sluggish. From the supplier side, with month-end settlement approaching, willingness to sell remains weak. Cargoes with invoices dated this month are priced relatively high, and available low-priced supplies are limited, providing strong support for spot premiums. Supply side, the import window has opened, and expectations of ex-China cargo inflows are strengthening. However, considering logistics and customs clearance delays, the short-term impact on the spot market is limited, and attention should be paid to the pace of post-holiday arrivals. Overall, Shanghai spot copper prices against the 2605 contract are expected to maintain a premium tomorrow.

Today, #1 copper cathode spot prices in North China against the front-month contract were reported at a discount of 180 yuan/mt to a discount of 100 yuan/mt, with an average discount of 140 yuan/mt, up 20 yuan/mt from the previous trading day. The average transaction price was 101,375 yuan/mt, down 475 yuan/mt from the previous trading day.