The SHFE copper 2505 contract jumped initially and then pulled back, reaching a high of 76,180 yuan/mt, followed by a reduction in long positions. As of the morning close, the front-month contract settled at 75,550 yuan/mt, down 490 yuan/mt, with a reduction of 9,410 lots. The price spread between futures contracts for the next month expanded gradually from 80 yuan/mt to over 100 yuan/mt. The import loss for the front-month contract was around 500 yuan/mt. Tomorrow, it is expected that unmatched delivery warrants will be released gradually, and under the backdrop of a firm backwardation, suppliers may continue to face pressure to drive down prices. The center of Shanghai spot copper transactions is expected to continue to decline slightly compared to the intraday level.