[SMM spot copper] Trading was volatile during the day. In the last few trading days of the month, traders actively sought low-priced cargoes. It is expected that spot quotes will remain firm on the first trading day of July tomorrow, but attention should be paid to the suppression of spot premiums by the widening price spread between futures contracts.

Today, spot #1 copper cathode in North China traded at a discount of 180 yuan/mt to 120 yuan/mt against the front-month contract, with an average discount of 150 yuan/mt, up 10 yuan/mt from the previous trading day. The transaction price ranged from 79,580 yuan/mt to 79,840 yuan/mt, with an average price of 79,710 yuan/mt, down 145 yuan/mt from the previous trading day.

SMM Morning Meeting Summary: On Friday evening, LME copper opened at $9,848/mt. After an initial rise, it fluctuated downward, touching a low of $9,823.5/mt, before fluctuating upward all the way to the end of the session, touching a high of $9,883/mt. It finally closed at $9,879/mt, down 0.17%, with trading volume reaching 18,000 lots and open interest reaching 292,000 lots. On Friday evening, the most-traded SHFE copper 2508 contract opened at 79,520 yuan/mt. It immediately touched a low of 79,500 yuan/mt at the beginning of the session, before fluctuating upward all the way to the end of the session, touching a high of 79,990 yuan/mt. It finally closed at 79,920 yuan/mt, up 0.23%, with trading volume reaching 39,000 lots and open interest reaching 213,000 lots.