In early trading, SHFE copper briefly touched 78,660 yuan/mt after starting near 78,600 yuan/mt, then began to extend its losses, closing the morning session at 78,520 yuan/mt. The price spread between different months remained in a backwardation structure, fluctuating between B20-B50 yuan/mt. The import loss for the current month of SHFE copper narrowed to within 200 yuan/mt; attention should be paid to subsequent import inflows.