[SMM Shanghai Spot Copper] Approaching delivery, the current open interest of the SHFE copper 2509 contract still does not match the warrants, and it is expected that positions will continue to be reduced on Monday, possibly with a temporary upward performance. After transitioning to the SHFE copper 2510 contract next week, Shanghai spot copper premiums are expected to stabilize.

In North China today, spot #1 copper cathode against the front-month contract was at a discount of 180-140 yuan/mt, with an average discount of 160 yuan/mt, unchanged from the previous trading day. Transaction prices ranged from 80,380 to 80,640 yuan/mt, with an average of 80,510 yuan/mt, up 580 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: LME copper opened at $9,989/mt overnight, initially touched a low of $9,970/mt, then fluctuated upward throughout the session, approaching the tail end to touch a high of $10,065/mt, and finally closed at $10,057/mt, a gain of 0.45%, with trading volume reaching 19,000 lots and open interest reaching 289,000 lots. The most-traded SHFE copper contract 2510 opened at 80,160 yuan/mt overnight, initially touched a low of 80,080 yuan/mt, then fluctuated upward throughout the session, approaching the tail end to touch a high of 80,540 yuan/mt, and finally closed at 80,490 yuan/mt at the tail end, a gain of 0.51%, with trading volume at 27,000 lots and open interest at 177,000 lots.

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