[SMM Shanghai Spot Copper] Looking ahead to tomorrow, copper prices are expected to experience a slight pullback but remain at a high level of 80,000 yuan/mt. Downstream buying interest is weak, but warrants have not been released in large quantities. Shanghai spot copper is anticipated to remain stagnant above the parity line.

In North China today, spot #1 copper cathode prices against the front-month contract were at a discount of 150-110 yuan/mt, averaging a discount of 130 yuan/mt, up 40 yuan/mt from the previous trading day. Transaction prices ranged from 80,720 to 81,110 yuan/mt, with an average of 80,915 yuan/mt, up 225 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: LME copper opened at $10,076/mt overnight, initially fluctuating rangebound and dipping to $10,061/mt, then copper prices moved upward all the way, touching a high of $10,192.5/mt near the end of the session before pulling back to finally close at $10,189/mt, up 1.09%, with trading volume reaching 17,000 lots and open interest at 295,000 lots. The most-traded SHFE copper contract 2510 opened at 80,890 yuan/mt overnight, dipping to 80,850 yuan/mt at the beginning of the session, then copper prices rallied all the way, touching a high of 81,530 yuan/mt near the end of the session before finally closing at 81,380 yuan/mt, up 0.68%, with trading volume reaching 30,000 lots and open interest at 179,000 lots.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, there are currently a large number of warrants in Guangdong and Jiangsu, while Shanghai continues to see replenishment of imported copper, but domestic warrants and spot cargo are limited. Spot premiums are expected to be offered high but trade low.

Spot prices of #1 copper cathode in North China against the front-month contract were at a discount of 190-150 yuan/mt today, with an average discount of 170 yuan/mt, down 10 yuan/mt from the previous trading day. Transaction prices ranged from 80,560 to 80,820 yuan/mt, with an average of 80,690 yuan/mt, up 180 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: LME copper opened at $9,989/mt overnight, touched a low of $9,970/mt at the beginning of the session, then fluctuated upward throughout, approaching a high of $10,065/mt near the end of the session, and finally closed at $10,057/mt, up 0.45%, with trading volume reaching 19,000 lots and open interest reaching 289,000 lots. The most-traded SHFE copper contract 2510 opened at 80,160 yuan/mt overnight, touched a low of 80,080 yuan/mt at the beginning of the session, then fluctuated upward throughout, approaching a high of 80,540 yuan/mt near the end of the session, and finally closed at 80,490 yuan/mt, up 0.51%, with trading volume at 27,000 lots and open interest at 177,000 lots.