On June 30 (Monday), Chile's copper production in May reached the highest level of the year, somewhat alleviating the supply tightness in the global copper market. The National Institute of Statistics of Chile (INE) announced that Chile's copper production in May was 486,574 mt, a 9.4% increase from the same period last year.

Today, spot #1 copper cathode in North China traded at a discount of 150 yuan/mt to 90 yuan/mt against the front-month contract, with an average discount of 120 yuan/mt, up 30 yuan/mt from the previous trading day. The transaction price ranged from 79,820 yuan/mt to 79,950 yuan/mt, with an average price of 79,885 yuan/mt, up 175 yuan/mt from the previous trading day.

SMM Morning Meeting Summary: Overnight, LME copper opened at $9,843.5/mt, touching a low of $9,812/mt early in the session before fluctuating upward throughout, reaching a high of $9,881/mt near the close. It ultimately closed at $9,879/mt, down 0.01%, with trading volume reaching 18,000 lots and open interest at 292,000 lots. Overnight, the most-traded SHFE copper 2508 contract opened at 79,630 yuan/mt, touching a low of 79,560 yuan/mt early in the session before fluctuating upward to reach a high of 79,910 yuan/mt during the session. It ultimately closed slightly lower at 79,780 yuan/mt, up 0.01%, with trading volume reaching 32,000 lots and open interest at 211,000 lots.