[SMM spot copper] The sentiment for selling within the day fell to 3.12, mainly because some smelters did not directly sell their cargoes. The market was dominated by import traders and warrant-holding traders selling at low prices. The purchasing sentiment index rose to 3.26, primarily due to the decline in spot premiums, prompting downstream buyers to actively drive down prices for purchasing. It is expected that tomorrow, suppliers holding warrants and imported cargoes will still have a strong sentiment for selling. Spot premiums may still be suppressed, but it should be noted that when premiums fall below 100 yuan/mt, the market's purchasing sentiment may further increase.

Today, spot #1 copper cathode in North China was trading at a discount of 30 yuan/mt to a premium of 30 yuan/mt against the front-month contract, with an average price on par with the contract. This represents a decrease of 50 yuan/mt compared to the previous trading day. The transaction prices ranged from 78,060 yuan/mt to 78,310 yuan/mt, with an average price of 78,185 yuan/mt, up 185 yuan/mt from the previous trading day.

[SMM Morning Meeting Summary: Inventory Buildup and Significant Outflow of Warrants Suppress Spot Premiums of Copper] On May 20, spot prices of SMM #1 copper cathode against the 2506 contract for the current month were quoted at premiums of 340-440 yuan/mt, with an average quoted premium of 390 yuan/mt, down 50 yuan/mt MoM. Today, it is expected that with a significant outflow of warrants, spot premiums will decline further. However, due to the tight supply of mainstream cargoes, it is anticipated that some cargoes will still refuse to budge on prices...