[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.

Futures: Overnight, LME copper opened at $9,768.5/mt, touched a low of $9,747.5/mt at the beginning of the session, then fluctuated upward throughout the day, nearing a high of $9,865/mt before closing at $9,840/mt, up 1.17%.

SMM Morning Meeting Summary: Overnight, LME copper opened at $9,768.5/mt, initially dipping to a low of $9,747.5/mt before fluctuating upward throughout the session, reaching a high of $9,865/mt near the close, and ultimately closing at $9,840/mt, up 1.17%. Trading volume reached 18,000 lots, and open interest stood at 266,000 lots. Overnight, the most-traded SHFE copper 2509 contract opened at and dipped to a low of 79,220 yuan/mt, then fluctuated upward throughout the session, reaching a high of 79,510 yuan/mt near the close, and ultimately closing at 79,410 yuan/mt, up 0.6%. Trading volume reached 23,000 lots, and open interest stood at 158,000 lots.

Guidelines for the Establishment of Benchmark Prices for the Sale of Metallic Mineral and Coal Commodities (No. 268.K/MB.01/MEM.B/2025)

[SMM spot copper] Looking ahead to tomorrow, domestic arrivals will supplement the market, and the premium increase will be limited. However, due to the high purchase costs for suppliers over the past two days, it is expected that their willingness to sell at low prices will decrease. Moreover, under the current Contango structure, suppliers are unwilling to sell at low prices, and their delivery willingness is also low.