**SMM Copper Spot: Premiums Stabilize as Domestic Inventories Decline**

**[SMM Copper Spot] Mainstream Flat-water Copper Quotes a Discount of RMB 20/ton to a Premium of RMB 10/ton Against the Current Month Contract, with High-quality Copper Quoted at Flat-water Price to a Premium of RMB 40/ton**

According to SMM, domestic inventories continued to decline this week, with the rate of de-stocking marginally increasing. The premium difference between Shanghai and Guangdong spot markets widened further during the day, and it is expected that subsequent arrivals of domestically produced supplies will decrease. It is anticipated that spot premiums will stabilize before the last trading day, halting their decline.