[SMM Spot Copper] There was no significant outflow of warrants in the morning, but suppliers were concerned that subsequent warrant outflows would hit spot premiums. Today, there was a noticeable rush to sell. It is expected that after warrants flow out tomorrow, there will be further downside room for spot premiums.

Today, spot #1 copper cathode in North China was trading at a discount of 80 yuan/mt to parity against the front-month contract, with an average discount of 40 yuan/mt, a decrease of 40 yuan/mt from the previous trading day. The transaction prices ranged from 78,520 to 78,700 yuan/mt, with an average price of 78,610 yuan/mt, an increase of 135 yuan/mt from the previous trading day.

At the 2025 SMM (2nd) Global Renewable Metal Industry Chain Forum - Secondary Copper and Aluminum Forum, hosted by SMM Information & Technology Co., Ltd., Zhang Xiaoyao, the project leader of SMM Recycling, shared insights on the topic of "Driving Business Opportunities and Reducing Operating Costs: SMM Serving the Global Secondary Copper and Aluminum Metals Market."

SMM Morning Meeting Summary: Overnight, LME copper opened at $9,686.5/mt, rose initially and hit a high of $9,713/mt, then fluctuated downward and touched a low of $9,647.5/mt. It rebounded slightly at the end of the session and closed at $9,670/mt, down 0.26%. Trading volume reached 13,000 lots, and open interest reached 293,000 lots. Overnight, the most-traded SHFE copper 2507 contract opened at 78,600 yuan/mt, hit a high of 78,690 yuan/mt at the beginning of the session, then fluctuated downward and touched a low of 78,360 yuan/mt during the session. It rebounded all the way at the end of the session and closed at 78,560 yuan/mt, up 0.04%. Trading volume reached 20,000 lots, and open interest reached 182,000 lots.

Overnight, LME copper opened at $9,686.5/mt. It rose early in the session, hitting a high of $9,713/mt, then fluctuated downward during the session, touching a low of $9,647.5/mt.