[SMM spot copper] Looking ahead to tomorrow, as warrants fail to flow out in large quantities during the delivery period, it is expected that spot copper will remain firm tomorrow. However, the price spread between different brands may continue to widen, and the transaction price in the Changzhou area may decline further.

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, a decrease of 30 yuan/mt from the previous trading day. The transaction prices ranged from 77,720 yuan/mt to 77,930 yuan/mt, with an average price of 77,825 yuan/mt, an increase of 60 yuan/mt from the previous trading day.

Futures market: Overnight LME copper opened at $9,635.5/mt, initially fluctuated downward to hit a session low of $9,598/mt, then steadily climbed upward and reached a session high of $9,657.5/mt near the close, finally closing at $9,657.5/mt with a 0.15% gain.

Trump's announcement of a 50% tariff on copper imports has sent shockwaves through global metals markets, creating both challenges and opportunities across various industries.

SMM Morning Meeting Summary: Overnight, LME copper opened at $9,635.5/mt, fluctuated downward in the early session to a low of $9,598/mt, then fluctuated upward throughout the session, reaching a high of $9,657.5/mt near the close, and finally closed at $9,657.5/mt, up 0.15%. Trading volume reached 15,000 lots, and open interest reached 279,000 lots. Overnight, the most-traded SHFE copper 2508 contract opened at 77,960 yuan/mt, fluctuated downward in the early session to a low of 77,810 yuan/mt, then fluctuated upward, reaching a high of 78,160 yuan/mt near the close, before pulling back slightly to close at 78,070 yuan/mt, up 0.18%. Trading volume reached 21,000 lots, and open interest reached 168,000 lots.