Today, spot #1 copper cathode in North China was traded at a discount of 180 yuan/mt to 80 yuan/mt against the front-month contract, with an average discount of 130 yuan/mt, unchanged from the previous trading day. The transaction prices ranged from 78,110 yuan/mt to 78,300 yuan/mt, with an average price of 78,205 yuan/mt, down 25 yuan/mt from the previous trading day.

To better serve our customers and enhance the efficiency of the SMM database, we will optimize and adjust the existing classification of the non-ferrous database in June 2025. This adjustment will not involve any changes to the data.

Overnight, LME copper opened at $9,636.5/mt. It initially rose to a high of $9,645.0/mt, then fluctuated downward.

SMM Morning Meeting Summary: Overnight, LME copper opened at $9,636.5/mt, initially touching a high of $9,645.0/mt before prices fluctuated downward. The lowest price reached during the session was $9,548.0/mt, and it eventually closed at $9,566.0/mt, down 0.31%. Trading volume was 14,383 lots, and open interest was 293,958 lots. Overnight, the SHFE copper 2507 contract opened at 78,010 yuan/mt, with prices fluctuating initially before declining steadily. It touched a high of 78,130 yuan/mt at the beginning of the session and fell to a low of 77,700 yuan/mt at the end, eventually closing at 77,790 yuan/mt, down 0.33%. Trading volume was 26,397 lots, and open interest was 168,556 lots.

[US dollar index rises continuously, forming pressure; copper prices remain firm and are expected to stop falling and stabilize] On the macro side, the US Fed meeting minutes indicate that the risks of rising unemployment and inflation have increased, and the benefits of a flexible average inflation targeting regime in a high-risk environment have diminished. However, the market is optimistic that the trade agreement will improve the US economic outlook. Meanwhile, the weakening of the yen has pushed the US dollar index to rise continuously, suppressing copper prices.