[SMM Spot Copper] Currently, the delivery volume corresponding to the open interest of the front-month contract of Shanghai copper futures is nearly 10 times the existing futures warrants. The market needs to be vigilant against the risk of further widening of the price spread between futures contracts. It is expected that under the influence of the price spread between futures contracts tomorrow, spot premiums will come under some pressure.

Today, spot #1 copper cathode in North China was trading at a discount of 80 yuan/mt to 40 yuan/mt against the front-month contract, with an average discount of 60 yuan/mt, a decrease of 30 yuan/mt from the previous trading day. The transaction prices ranged from 77,980 yuan/mt to 78,540 yuan/mt, with an average price of 78,260 yuan/mt, an increase of 385 yuan/mt from the previous trading day.

【Camino Minerals Discovers New Copper Resources in Peru】Mining company Camino Minerals reported the exploration results of its Los Chapitos copper mine project in Peru, indicating the potential discovery of new copper-silver resources. The company and its partner, Nittetsu Mining Co., Ltd., have completed drilling activities at Pampero and plan to conduct further exploration in H2 2025. (Webstock Inc.)

【SMM Morning Meeting Summary: Resonance of Favourable Domestic Macro Front Leaves No Reason for Bearish Sentiment on Copper Prices in the Short Term】On May 6, spot #1 copper cathode was quoted at a premium of 250-320 yuan/mt against the SHFE copper 2505 contract for the current month, with an average premium of 285 yuan/mt, up 55 yuan/mt MoM. According to SMM data, copper inventories in the Shanghai area stood at only 89,600 mt yesterday, a decrease of 7,700 mt from the last trading day before the holiday. Amid the ongoing destocking trend, spot premiums for SHFE copper are expected to remain firm. However, attention should be paid to the impact of price spread changes between futures contracts as the contract rollover approaches...