In the morning session, the SHFE copper 2506 contract briefly dipped to 78,660 yuan/mt before rising to 78,860 yuan/mt, and then continued to pull back. The price spread between futures contracts for the next month (BACK) continued to fluctuate around 100 yuan/mt, showing no signs of a rally for the time being. The import loss for the current month's SHFE copper narrowed to around 1,150 yuan/mt compared to a few days ago. Major smelters have largely locked in their export volumes, shipping their supplies to bonded zones and LME Asian warehouses.