[SMM Morning Meeting Summary: Significant Slowdown in Social Inventory Growth, Market Expects Tight Supply in the Future] Overnight, LME copper opened at $9,452.5/mt, dropped back slightly at the beginning of the session before rising to a high of $9,466/mt, then fluctuated downward throughout the session, hitting a low of $9,368/mt near the close. It rebounded slightly at the end of the session and finally closed at $9,413/mt, down 0.11%. Trading volume reached 18,000 lots, and open interest stood at 295,000 lots. Overnight, the most-traded SHFE copper 2504 contract opened at 77,140 yuan/mt, hit a high of 77,330 yuan/mt at the beginning of the session, then fluctuated downward throughout the session, hitting a low of 76,930 yuan/mt near the close. It rebounded slightly at the end of the session and finally closed at 77,150 yuan/mt, up 0.16%. Trading volume reached 29,000 lots, and open interest stood at 162,000 lots.