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[SMM Spot Copper] Looking ahead to next week, after entering the SHFE copper 2509 contract, the current price spread between futures contracts for adjacent months is relatively small. It is expected that spot premiums will still be quoted around 100 yuan per mt. However, with imported cargoes arriving at downstream ports, mostly registered cargoes, it is anticipated that holders of cargoes will have a mindset of selling off in advance, putting some pressure on spot premiums.

Today, spot #1 copper cathode in North China was trading at a discount of 100 yuan/mt to 60 yuan/mt against the front-month contract, with an average discount of 80 yuan/mt, down 10 yuan/mt from the previous trading day. The transaction price ranged from 78,870 yuan/mt to 78,980 yuan/mt, with an average price of 78,925 yuan/mt, down 230 yuan/mt from the previous trading day.

Futures: Overnight, LME copper opened at $9,775.5/mt, initially plunged straight to a low of $9,714/mt, then fluctuated considerably upward, touching a high of $9,780/mt near the close, and finally settled at $9,777/mt with a 0% change.

SMM Morning Meeting Summary: Overnight, LME copper opened at $9,775.5/mt, initially dropping straight down to a low of $9,714/mt, before fluctuating considerably upward throughout the session. It reached a high of $9,780/mt near the close, ultimately closing at $9,777/mt with a 0% change. Trading volume reached 15,000 lots, and open interest stood at 269,000 lots. Overnight, the most-traded SHFE copper 2509 contract opened at 78,760 yuan/mt, initially reaching a high of 78,960 yuan/mt, before the center of price moved downward to a low of 78,740 yuan/mt. It rebounded near the close, forming a "V"-shaped trend, ultimately closing at 78,940 yuan/mt with a decline of 0.23%. Trading volume was 18,000 lots, and open interest was 152,000 lots.

[SMM spot copper] Tomorrow is the last trading day for the SHFE copper 2508 contract. It is expected that the sentiment of suppliers to sell will decrease, but as it is Friday, some downstream buyers have just-in-time procurement needs. Therefore, spot premiums are expected to remain firm tomorrow.

Today, spot #1 copper cathode in North China traded at a discount of 90 yuan/mt to 80 yuan/mt against the front-month contract, with an average discount of 70 yuan/mt, up by 30 yuan/mt from the previous trading day. The transaction price ranged from 79,090 yuan/mt to 79,220 yuan/mt, with an average price of 79,155 yuan/mt, down by 20 yuan/mt from the previous trading day.