[SMM Shanghai Spot Copper] Copper prices are expected to remain high tomorrow, with consumption unlikely to show remarkable performance. The spot premiums for SHFE copper are anticipated to continue under pressure.

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 70-30 yuan/mt, averaging a discount of 50 yuan/mt, unchanged from the previous trading day. The transaction price ranged from 79,830 to 79,950 yuan/mt, averaging 79,890 yuan/mt, up 275 yuan/mt from the previous trading day.

Overnight, LME copper opened and touched a high of $9,916.5/mt before fluctuating downward to close at the day's low of $9,875/mt, down 0.31%, with trading volume at 10,000 lots and open interest at 269,000 lots.

SMM Morning Meeting Summary: Overnight, LME copper opened and touched a high of $9,916.5/mt, then fluctuated downward to close at a low of $9,875/mt, down 0.31%, with trading volume reaching 10,000 lots and open interest at 269,000 lots. Overnight, the most-traded SHFE copper 2510 contract opened at 79,640 yuan/mt, initially touched a high of 79,810 yuan/mt, then fluctuated downward to a low of 79,560 yuan/mt, before consolidating sideways to close at 79,660 yuan/mt, down 0.06%, with trading volume at 16,000 lots and open interest at 179,000 lots.

SMM Analysis: In August 2025, SMM quoted blister copper RCs in south China at 750-950 yuan/mt, averaging 850 yuan/mt, up 50 yuan/mt MoM...

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, social inventory in Shanghai continued to decline slightly at the beginning of the week, with limited shipments from surrounding smelters in the short term. Although arrivals of imported copper increased in the short term, they were insufficient to fill the demand gap. Spot premiums are expected to remain firm tomorrow.