[SMM spot copper] Tomorrow is the last trading day for the SHFE copper 2508 contract. It is expected that the sentiment of suppliers to sell will decrease, but as it is Friday, some downstream buyers have just-in-time procurement needs. Therefore, spot premiums are expected to remain firm tomorrow.

Today, spot #1 copper cathode in North China traded at a discount of 90 yuan/mt to 80 yuan/mt against the front-month contract, with an average discount of 70 yuan/mt, up by 30 yuan/mt from the previous trading day. The transaction price ranged from 79,090 yuan/mt to 79,220 yuan/mt, with an average price of 79,155 yuan/mt, down by 20 yuan/mt from the previous trading day.

SMM Morning Meeting Summary: Overnight, LME copper opened at $9,846/mt, reaching a high of $9,847/mt shortly after the opening bell. It then fluctuated considerably downward during the session, touching a low of $9,810.5/mt near the close, and ultimately closed at $9,777/mt, marking a 0.64% decline. Trading volume reached 12,000 lots, while open interest stood at 268,000 lots. Overnight, the most-traded SHFE copper 2509 contract opened at 79,290 yuan/mt, touching a low of 79,130 yuan/mt shortly after the opening bell. It then fluctuated considerably upward to a high during the session, before pulling back slightly near the close to ultimately close at 79,110 yuan/mt, marking a 0.29% decline. Trading volume was 16,000 lots, while open interest was 156,000 lots.

[SMM spot copper] Looking ahead to tomorrow, it is expected that imported supplies will continue to replenish, putting pressure on spot premiums in the future. However, as the delivery date approaches, domestic supplies are tight, and it is expected that spot transactions will remain firm, with limited room for a decline in spot premiums.

Today, spot #1 copper cathode in North China traded at a discount of 120 yuan/mt to 80 yuan/mt against the front-month contract, with an average discount of 100 yuan/mt, up 20 yuan/mt from the previous trading day. The transaction prices ranged from 79,130 yuan/mt to 79,220 yuan/mt, with an average price of 79,175 yuan/mt, up 345 yuan/mt from the previous trading day.