[SMM Spot Copper] According to SMM data, over the weekend, copper cathode inventories in the Shanghai region decreased by 15,800 mt to 112,000 mt. The continuous destocking in the Shanghai region has kept Shanghai spot copper premiums firm. Moreover, as the Labour Day holiday approaches, downstream procurement sentiment remains moderate, leading to consecutive destocking at warehouses. Without significant import replenishment, copper inventories are expected to continue declining before the holiday.