SMM Morning Meeting Minutes: LME copper opened at $11,939/mt overnight, initially touching a high of $11,959.5/mt, after which copper prices fluctuated downward, testing a low of $11,877/mt, then fluctuated rangebound upward and finally closed at $11,911/mt, up 0.34%, with trading volume reaching 16,000 lots and open interest at 345,000 lots. The most-traded SHFE copper 2602 contract opened at 94,030 yuan/mt overnight, immediately touching a high of 94,290 yuan/mt at the opening, then copper prices gradually moved downward, testing a low of 93,620 yuan/mt, and finally closed at 93,920 yuan/mt, with trading volume at 61,000 lots and open interest at 243,000 lots.

[Shanghai spot copper] Tomorrow's spot premiums continue to recover. If the SHFE copper contango structure continues to widen, spot premiums will still decline.

Today in North China, spot prices of #1 copper cathode against the front-month contract were at a discount of 500-400 yuan/mt, averaging a discount of 450 yuan/mt, down 40 yuan/mt from the previous trading day. Transaction prices ranged from 93,080 to 93,760 yuan/mt, with an average of 93,420 yuan/mt, up 1,320 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: On Friday evening, LME copper opened at $11,787/mt, initially touched a low of $11,785.5/mt, then copper prices gradually rose to a high of $11,928/mt, subsequently fluctuated rangebound and finally closed at $11,870.5/mt, up 1.22%, with trading volume reaching 19,400 lots and open interest reaching 342,000 lots. On Friday evening, the most-traded SHFE copper contract 2602 opened at 93,540 yuan/mt, initially touched a high of 94,120 yuan/mt, then copper prices moved down to a low of 93,410 yuan/mt, subsequently fluctuated rangebound and finally closed at 93,560 yuan/mt, up 0.91%, with trading volume reaching 86,000 lots and open interest reaching 240,000 lots.