In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 60-100 yuan/mt, with an average discount of 80 yuan/mt, up 40 yuan/mt from the previous trading day. Transaction prices ranged from 79,800 to 79,880 yuan/mt, with an average of 79,840 yuan/mt, up 40 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: LME copper opened at $9,954.5/mt overnight, fluctuated upward initially to touch a high of $9,973/mt, then fluctuated downward to touch a low of $9,917/mt, before rising unilaterally and finally closing at $9,946/mt, down 0.28%, with trading volume reaching 15,000 lots and open interest reaching 290,000 lots. The most-traded SHFE copper contract 2511 opened at 79,680 yuan/mt overnight, touched a high of 79,810 yuan/mt initially, then fluctuated downward to touch a low of 79,530 yuan/mt, before fluctuating considerably and finally closing at 79,660 yuan/mt, down 0.15%, with trading volume reaching 18,000 lots and open interest reaching 173,000 lots.

[SMM Shanghai Spot Copper] Copper prices are expected to decline tomorrow. As it coincides with Friday, downstream buying interest is anticipated to persist, offering hope for a stabilization in premiums.

In North China today, spot #1 copper cathode prices against the front-month contract were at a discount of 140-100 yuan/mt, averaging a discount of 120 yuan/mt, unchanged from the previous trading day. Transaction prices ranged from 79,740 to 79,860 yuan/mt, with an average of 79,800 yuan/mt, down 620 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: LME copper opened at $9,958/mt overnight, initially fluctuated downward to a low of $9,943.5/mt, then the center of copper prices continuously moved upward to a high of $10,013/mt, fluctuated downward toward the session close and finally settled at $9,974/mt, down 1.41%, with trading volume at 28,000 lots and open interest at 293,000 lots. The most-traded SHFE copper contract 2511 opened at 79,980 yuan/mt overnight, initially rose to 80,830 yuan/mt, then fluctuated downward to a low of 79,670 yuan/mt, afterward fluctuated upward to a high level and moved sideways before finally settling at 79,880 yuan/mt, down 1.08%, with trading volume at 41,000 lots and open interest at 176,000 lots.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the continued decline in copper prices has not prompted downstream buyers to immediately increase their purchases. It is expected that downstream buyers will continue to drive down prices tomorrow, and spot premiums for SHFE copper may further decrease.

In North China today, spot #1 copper cathode prices against the front-month contract were at a discount of 140-100 yuan/mt, averaging a discount of 120 yuan/mt, up 10 yuan/mt from the previous trading day. Transaction prices ranged from 80,290 to 80,550 yuan/mt, averaging 80,420 yuan/mt, down 495 yuan/mt from the previous trading day.