By the close, the SHFE copper 2505 contract settled at 78,590 yuan/mt, with a daily reduction of 10,225 lots in open interest, leaving 27,885 lots in open interest. As the delivery date approaches, the deliverable quantity corresponding to the open interest of the SHFE copper 2505 contract is 139,425 mt. On May 12, the warrant volume of SHFE copper futures was 20,084 mt. Currently, there is a significant disparity between the deliverable quantity and the existing deliverable volume, so the SHFE copper 2505 contract will continue to see a reduction in open interest in the next few days.