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.

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%.