In the morning session, the SHFE copper 2505 contract surged to 76,300 yuan/mt before pulling back to fluctuate around 76,200 yuan/mt. The spot premiums/discounts rose from 80-120 yuan/mt at the beginning of the session to 100-140 yuan/mt, with transactions also recorded at a premium of 150 yuan/mt in Guixi. The price difference between primary metal and scrap narrowed, benefiting copper cathode consumption. Yesterday, 17,763 mt of copper futures warrants flowed out in the Shanghai region, and a further decrease is expected today.