SMM's monthly production data for base metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the metals market.

[SMM spot copper] Tomorrow is Friday. Under the high copper prices, downstream purchasing sentiment remains low. There are imported arrivals in the market, and the overall supply is not tight. It is expected that tomorrow's transaction volume will be flat with today's.

Today, spot #1 copper cathode in North China traded at a discount of 180 yuan/mt to 100 yuan/mt against the front-month contract, with an average discount of 140 yuan/mt, unchanged from the previous trading day. The transaction price ranged from 80,620 yuan/mt to 80,830 yuan/mt, with an average price of 80,725 yuan/mt, down 5 yuan/mt from the previous trading day.

SMM Morning Meeting Summary: Overnight, LME copper opened and touched a low of $9,948/mt, then fluctuated upward all the way, touching a high of $10,020.5/mt near the close. It dropped back slightly at the close and finally closed at $10,010/mt, up 0.67%. Trading volume reached 17,000 lots, and open interest reached 285,000 lots. Overnight, the most-traded SHFE copper 2508 contract opened and touched a low of 80,560 yuan/mt, fluctuated considerably in the early session and touched a high of 80,990 yuan/mt. After a slight pullback during the session, it continued to rebound to a high level, finally closing at 80,900 yuan/mt, up 0.35%. Trading volume reached 36,000 lots, and open interest reached 225,000 lots.

SMM News on July 3: Overnight, LME copper opened and touched a low of $9,948/mt, then fluctuated upward all the way, touching a high of $10,020.5/mt near the end of the session. It pulled back slightly at the end of the session and finally closed at $10,010/mt, up 0.67%.