[SMM spot copper] It is expected that there will still be imported shipments tomorrow, and the overall spot premiums will be suppressed. However, with copper prices remaining high currently and no signs of widening in the price spread between futures contracts, it is expected that the convergence of spot premiums will be limited.

Today, spot prices of #1 copper cathode in North China were at a discount of 160 yuan/mt to 60 yuan/mt against the front-month contract, with an average discount of 110 yuan/mt, a decrease of 20 yuan/mt from the previous trading day. The transaction prices ranged from 78,150 yuan/mt to 78,360 yuan/mt, with an average price of 78,255 yuan/mt, a decrease of 60 yuan/mt from the previous trading day.

SMM Morning Meeting Summary: LME copper was closed overnight. The SHFE copper 2507 contract opened at 77,740 yuan/mt overnight, reaching a high of 78,340 yuan/mt and a low of 77,710 yuan/mt during the session. The closing price was 78,150 yuan/mt. The overall trend fluctuated upward. The price increase was 0.31%, with a trading volume of 26,894 lots and an open interest of 157,842 lots.

[US-Japan Tariff Negotiations & Disruptions at African Mines, Copper Prices Still Supported at the Bottom] Macro side, the fourth round of US-Japan tariff negotiations is scheduled to take place on the 30th. The Japanese government plans to utilize 900 billion yen in national funds to mitigate the impact of US tariffs. EU Spokesperson: The EU's proposal of "zero tariffs for zero tariffs" remains on the negotiation table in talks with the US: It is understood that the EU has planned to accelerate negotiations with the US. Meanwhile, some copper mines in Africa have suspended operations, boosting copper prices.