[SMM Morning Meeting Summary: US CPI Exceeds Expectations, Copper Prices Under Short-Term Pressure]
On February 12, #1 copper cathode spot prices against the SHFE 2502 contract were quoted at a discount of 20 yuan/mt to a premium of 20 yuan/mt, with an average price at parity. Prices were flat MoM. The market saw relatively small fluctuations yesterday, as the price spread between near-month contracts remained around 200 yuan/mt. Additionally, with expectations of destocking in distant months, suppliers mostly opted to wait for delivery or position themselves for distant-month contracts...
![Copper prices consolidate under pressure as supply marginally loosens and demand stays weak [SMM Copper Morning Meeting Minutes]](https://imgqn.smm.cn/usercenter/HhNHP20251217171708.jpg)
![중동 정세 반복적인 줄다리기; LME 및 SHFE 구리 야간장 소폭 상승 [SMM 구리 모닝 코멘트]](https://imgqn.smm.cn/usercenter/BdFZr20251217171712.jpg)

