Today, spot #1 copper cathode in North China was trading 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 by 10 yuan/mt from the previous trading day. The transaction prices ranged from 78,600 yuan/mt to 78,850 yuan/mt, with an average price of 78,725 yuan/mt, up by 335 yuan/mt from the previous trading day.

Overnight, LME copper opened at $9,692.5/mt, reaching a high of $9,738.0/mt and a low of $9,684/mt, before closing at $9,727.0/mt, up 0.65%. Trading volume reached 14,874 lots, with open interest at 286,436 lots.

[SMM Morning Meeting Summary: Weakening US Dollar Index Supports Copper Prices] On June 25, spot prices of SMM #1 copper cathode against the July 2025 (2507) contract were reported at parity to a premium of 80 yuan/mt, with an average premium of 40 yuan/mt, down 50 yuan/mt MoM. Looking ahead today, with inventory clearance and capital demands still present at the end of the quarter, it is expected that spot premiums may continue to decline today...

[Tensions Ease Between Iran and Israel & Interest Rate Cut Expectations Strengthen, LME and SHFE Copper Rise Together] Macro side, Trump announced that he believes the war between Iran and Israel has ended, and the US will hold talks with Iran next week, not considering the nuclear agreement necessary. Market risk aversion sentiment eases, and the market generally expects the US Fed to soon resume its interest rate cut cycle. The US dollar index falls, supporting copper prices.