[SMM Spot Copper] As the delivery countdown begins, there was a relatively small increase in warrants yesterday. However, with the rise in purchase sentiment among traders today, the volume of warrants is expected to gradually increase. Spot discounts may remain firm tomorrow.

Today, spot #1 copper cathode in North China was trading at a discount of 400 yuan/mt to 300 yuan/mt against the front-month contract, with an average discount of 350 yuan/mt, a decrease of 20 yuan/mt from the previous trading day. The transaction prices ranged from 77,730 yuan/mt to 77,900 yuan/mt, with an average price of 77,815 yuan/mt, down 145 yuan/mt from the previous trading day.

On May 10 (Saturday), First Quantum Minerals remained cautiously optimistic about the prospects of its copper mine in Panama, as the local government was considering how and when to restart the closed Cobre Panamá copper mine. Legal discussions were underway, with authorities exploring future paths for First Quantum Minerals to release concentrate inventory and restart the power plant at the copper mine site. Prior to this, First Quantum Minerals decided to withdraw its international arbitration case against Panama in early April.

[SMM Morning Meeting Summary: Rebound in US Dollar Index Exerts Pressure on Copper Prices] On May 12, spot #1 copper cathode against the SHFE copper 2505 contract for the current month was quoted at a discount of 50 yuan/mt to a premium of 20 yuan/mt, with an average price of a discount of 15 yuan/mt, down 95 yuan/mt from the previous trading day. As the delivery date approaches, the open interest in the SHFE copper 2505 contract decreased, the price spread between consecutive months narrowed, and spot copper gradually approached...