Data: SHFE, DCE market movement (May 29)

[SMM Analysis: Attractive Price Spread but "High Prices, No Deals" - Pre-Holiday Stockpiling Nearly Halted] This week (the last few trading days after the Mid-Autumn Festival holiday and before the National Day holiday), the copper scrap market headed into the long holiday amid a "three highs" pattern of high copper prices, high premiums, and a wide price spread between futures contracts. The tax-inclusive price difference between copper cathode and copper scrap remained in a high range of 3,926-4,526 yuan/mt. On paper, the substitution economics of copper scrap over copper cathode remained significant, but throughout the week, the market did not see increased volumes despite the attractive price spread. Instead, it exhibited typical pre-holiday characteristics of "inflated price spread, sluggish trading, and stalled stockpiling" ......

SMM Morning Meeting Minutes: LME copper: opened at $14,426/mt, hit a high of $14,483/mt, a low of $14,399.5/mt, and closed at $14,425.5/mt, down 0.36%. Trading volume was 17,000 lots, with open interest at 258,000 lots, a decrease of 1,360 lots from the previous trading day, reflecting long liquidation. The most-traded SHFE copper 2611 contract: opened at 109,280 yuan/mt, hit a high of 109,790 yuan/mt, a low of 109,280 yuan/mt, and closed at 109,420 yuan/mt, up 0.11%. Trading volume was 23,000 lots, with open interest at 184,000 lots, a decrease of 975 lots from the previous trading day, reflecting long liquidation.