[SMM SHFE Copper Spot] Tomorrow, copper prices are expected to move higher, with the center around 86,500 yuan/mt. Downstream buyers are showing a tendency to drive down prices, and spot premiums for SHFE copper are unlikely to see significant increases.

Spot prices of #1 copper cathode against the front-month contract in North China today were at a discount of 210-150 yuan/mt, with an average discount of 180 yuan/mt, unchanged from the previous trading day. Transaction prices were 86,310-86,480 yuan/mt, with an average of 86,395 yuan/mt, up 45 yuan/mt from the previous trading day.

SMM Morning Meeting Summary: LME copper opened at $10,840/mt overnight, fluctuated upward after opening to touch a high of $10,949/mt, then declined all the way, approaching the session end to touch a low of $10,810/mt, and finally closed at $10,832.5/mt, up 0.47%, with trading volume reaching 23,000 lots and open interest reaching 329,000 lots. The most-traded SHFE copper 2601 contract opened at 86,750 yuan/mt overnight, touched a high of 87,200 yuan/mt at the beginning of the session, then fluctuated downward to touch a low of 86,250 yuan/mt, and finally moved sideways to close at 86,350 yuan/mt, down 0.08%, with trading volume reaching 64,000 lots and open interest reaching 203,000 lots.

[SMM SHFE Copper Spot] Tomorrow, the spot market is expected to remain deadlocked above parity.

Spot prices of #1 copper cathode in North China against the front-month contract were at a discount of 210–150 yuan/mt today, averaging a discount of 180 yuan/mt, down 10 yuan/mt from the previous trading day. Transaction prices ranged from 86,120 to 86,580 yuan/mt, with the average price at 86,350 yuan/mt, up 370 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: On Friday evening, LME copper opened at $10,612/mt, touched a low of $10,610.5/mt at the beginning of the session, then copper prices fluctuated upward and touched a high of $10,798.5/mt near the end of the session, finally closing at $10,778/mt, up 0.86%, with trading volume reaching 24,000 lots and open interest at 321,000 lots. On Friday evening, the most-traded SHFE copper contract 2601 opened at 85,750 yuan/mt, touched a low of 85,670 yuan/mt at the beginning of the session, then fluctuated upward and touched a high of 86,230 yuan/mt near the end of the session, finally closing at 86,180 yuan/mt, up 0.61%, with trading volume reaching 44,000 lots and open interest at 189,000 lots.

[SMM Shanghai Spot Copper] Tomorrow is expected to see reduced offers from some suppliers as the meeting week begins, with copper prices stabilizing around 86,000 yuan/mt. Downstream buyers have returned to just-in-time procurement, and spot transactions are anticipated to maintain a slight premium tomorrow.