Today, spot #1 copper cathode in North China was trading at a discount of 480 yuan/mt to 340 yuan/mt against the front-month contract, with an average discount of 410 yuan/mt, a decrease of 30 yuan/mt from the previous trading day. The transaction prices ranged from 78,150 yuan/mt to 78,460 yuan/mt, with an average price of 78,305 yuan/mt, down 245 yuan/mt from the previous trading day.

[China Remains Peru's Largest Copper Exporter] According to a report on the BNAmericas website, driven by the mining sector, Peru's exports rebounded in Q1. Data from the Ministry of Foreign Trade and Tourism of Peru showed that copper, gold, and zinc were the main factors contributing to the growth in mineral exports. In February, affected by shrinking demand, Peru's copper exports decreased by 0.4% YoY. However, in March, Peru's copper export value reached $2.58 billion, up 24.7%; in Q1, the cumulative copper export value was $6.62 billion, up 23%. (Webstock Inc.)

[SMM Morning Meeting Summary: US Dollar Index Fluctuations, Coupled with Approaching Delivery, Keep Pressure on Copper Prices] On May 14, spot #1 copper cathode against the SHFE copper 2505 contract for the current month was quoted at a discount of 50 yuan/mt to parity, with an average price at a discount of 25 yuan/mt, down 15 yuan/mt from the previous trading day. Today is the last trading day for the SHFE copper 2505 contract. Based on the current spot discount of around 50 yuan/mt and the price spread between futures contracts (BACK) of 400 yuan/mt for the next month, spot traders are expected to quote a premium of over 350 yuan/mt against the SHFE copper 2506 contract. With copper prices remaining high, downstream procurement sentiment...