[SMM Spot Copper] Currently, there are signs of a widening price spread between futures contracts. Next week, as the market enters the trading period for cargoes with invoices dated next month, some traders will have a need for payment collection. However, the price spread between invoices for the current month and the next month is expected to be 30-40 yuan/mt. It is anticipated that next week, premiums and discounts will stabilize around this week's price center. If they fall below 100 yuan/mt, the market may exhibit a purchasing sentiment.

Today, spot #1 copper cathode in North China was trading at a discount of 150 yuan/mt to 30 yuan/mt against the front-month contract, with an average discount of 90 yuan/mt, a decrease of 20 yuan/mt from the previous trading day. The transaction prices ranged from 77,650 yuan/mt to 77,910 yuan/mt, with an average price of 77,780 yuan/mt, down 100 yuan/mt from the previous trading day.

[SMM Cable Conference | SMM: China-US Tariff Easing, Fundamentals Supporting, Copper and Aluminum Prices Expected to Fluctuate Upward] Ye Jianhua, General Manager of SMM Industry Research, analyzed the copper and aluminum markets amidst the volatile macroeconomic environment. The increase in global copper mine output primarily comes from expansion projects. The rapid expansion of global copper smelter capacity makes it difficult to alleviate the tight raw material supply situation. Regarding the aluminum market: On the macro side, the easing of China-US tariffs with a 90-day window period has had a significant positive impact, potentially driving up overall aluminum prices in the future. On the fundamental side, the high operating rates of aluminum plants and the supplement of imported supplies have maintained stable domestic supply. The recent retreat in aluminum prices has stimulated downstream purchasing sentiment, and inventory depletion has provided support for aluminum prices. Coupled with the impact of increased demand for end-use products due to front-loading of exports during the subsequent China-US tariff window period, aluminum prices may fluctuate upward. Continuous attention should be paid to the impact of tariff events on consumption promotion and changes in domestic demand in the future.