[SMM Copper Spot] In the day, the mainstream flat-water copper was quoted at a premium of RMB 40-60 per ton against the contract for the current month, while high-quality copper was quoted at a premium of RMB 60-100 per ton. The premium fell as expected, and the downstream purchasing sentiment remained stable, mainly driven by rigid demand replenishment. Before the National Day holiday, the high copper price led to slower-than-expected consumption of downstream raw material inventories, making it difficult for post-holiday restocking demand to emerge. It is expected that the spot premium will continue to decline tomorrow.