Today, spot #1 copper cathode in North China was trading at a discount of 140 yuan/mt to 40 yuan/mt against the front-month contract, with an average discount of 90 yuan/mt, a decrease of 50 yuan/mt compared to the previous trading day. The transaction prices ranged from 78,360 yuan/mt to 78,530 yuan/mt, with an average price of 78,445 yuan/mt, a decrease of 165 yuan/mt compared to the previous trading day.

Overnight, LME copper opened at $9,668/mt, hitting a high of $9,694.5/mt at the beginning of the session before fluctuating downward throughout the session, touching a low of $9,648/mt near the close, and eventually closing at $9,650.5/mt, down 0.2%.

SMM Morning Meeting Summary: Overnight, LME copper opened at $9,668/mt, hitting a high of $9,694.5/mt in early trading before fluctuating downward throughout the session, reaching a low of $9,648/mt near the close, and eventually closing at $9,650.5/mt, down 0.2%. Trading volume reached 13,000 lots, and open interest reached 291,000 lots. Overnight, the most-traded SHFE copper 2507 contract opened at 78,640 yuan/mt, hitting a high of 78,700 yuan/mt in early trading before fluctuating downward to a low of 78,500 yuan/mt during the session. It fluctuated rangebound near the close and eventually closed at 78,610 yuan/mt, down 0.01%. Trading volume reached 19,000 lots, and open interest reached 181,000 lots.

[SMM Analysis: Field Trip Summary of Hubei Secondary Copper Rod Enterprises - Continuous Sales Losses Overlaid with the Transitional Period of Policy Implementation, Enterprises Operating with Difficulty].....