On April 24, at the CCIE 2025 SMM (20th) Copper Industry Conference & Copper Industry Expo - Copper-Based New Materials High-Quality Development Forum, hosted by SMM Information & Technology Co., Ltd., SMM Metal Trading Center, and Shandong Aisi Information Technology Co., Ltd., Zhang Junbing, Director of the Secondary Copper Business Department of Zhejiang Hailiang Co., Ltd., elaborated on the downstream consumption status of secondary copper in China.

[SMM Spot Copper] Stockpiling sentiment was strong ahead of the Labour Day holiday. Low inventory levels prompted suppliers to quote higher premiums, and transactions were active. Tomorrow is the last trading day of the month-end, and it is expected that most enterprises will close their accounts for settlement, which may lead to a decline in market trading activity. However, considering the tight supply of goods and the continued presence of just-in-time procurement, it is expected that the spot price will remain firm.

Today, spot #1 copper cathode in North China was trading at a discount of 80 to 20 yuan/mt against the front-month contract, with an average discount of 50 yuan/mt, up 30 yuan/mt from the previous trading day. The transaction prices ranged from 77,670 to 77,890 yuan/mt, with an average price of 77,780 yuan/mt, up 475 yuan/mt from the previous trading day.

SMM Morning Meeting Summary: Overnight, LME copper opened at $9,374/mt, fluctuated considerably in the early session to hit a low of $9,358/mt during the session, then fluctuated upward towards the end of the session to reach a high of $9,415/mt, and finally closed at $9,405.5/mt, up 0.49%. Trading volume reached 11,000 lots, and open interest reached 285,000 lots. Overnight, the most-traded SHFE copper 2506 contract opened at 77,740 yuan/mt, hitting a high of 77,760 yuan/mt in the early session. After surging during the session, it pulled back to hit a low of 77,410 yuan/mt, then rebounded towards the end of the session to finally close at 77,630 yuan/mt, up 0.34%. Trading volume reached 31,000 lots, and open interest reached 162,000 lots.