[SMM Shanghai Spot Copper] Looking ahead to tomorrow, copper prices are expected to remain at relatively high levels despite a slight pullback, and spot transactions are unlikely to improve significantly. Trading activity is expected to decline as the delivery date approaches.

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 180-140 yuan/mt, averaging a discount of 160 yuan/mt, up 50 yuan/mt from the previous trading day. Transaction prices ranged from 84,620-84,980 yuan/mt, with the average price at 84,800 yuan/mt, down 1,650 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: On Friday evening, LME copper opened at $10,787.5/mt, initially consolidating sideways and touching a high of $10,861/mt, after which copper prices' center plummeted straight down to a low of $10,326/mt, ultimately closing at $10,374/mt, a decline of 3.73%, with trading volume reaching 41,000 lots and open interest reaching 322,000 lots. On Friday evening, the most-traded SHFE copper contract 2511 opened at 86,600 yuan/mt, initially touching a high of 86,770 yuan/mt, after which copper prices' center moved downward all the way to a low of 82,700 yuan/mt, ultimately closing at 83,030 yuan/mt, a decline of 4.46%, with trading volume reaching 176,000 lots and open interest reaching 207,000 lots.

SMM Analysis: On October 10, the SMM weekly blister copper RCs in south China were quoted at 800-1,200 yuan/mt, averaging 1,000 yuan/mt, up 200 yuan/mt WoW; weekly blister copper RCs in north China were quoted at 600-800 yuan/mt, averaging 700 yuan/mt...

【SMM Analysis: Copper Inventories Nationwide Below Expected Buildup After the Holiday, Shanghai Emerges as the Only Major Destocking Region】Following the Double Festival holiday, as of October 9, SMM's national copper inventories across major regions increased by 18,000 mt from September 29 to 166,300 mt, up 26,200 mt from September 25. Total inventories decreased by 37,300 mt compared to the same period last year (203,600 mt). Overall, the post-holiday inventory buildup was lower than market expectations and declined compared to the year-ago level......