【SMM Analysis: Copper Inventories Nationwide Below Expected Buildup After the Holiday, Shanghai Emerges as the Only Major Destocking Region】Following the Double Festival holiday, as of October 9, SMM's national copper inventories across major regions increased by 18,000 mt from September 29 to 166,300 mt, up 26,200 mt from September 25. Total inventories decreased by 37,300 mt compared to the same period last year (203,600 mt). Overall, the post-holiday inventory buildup was lower than market expectations and declined compared to the year-ago level......

This week (10.3-10.9), the overall performance of the enamelled wire industry fell short of expectations, with the machine operating rate pulling back 6.4 percentage points compared to pre-holiday levels, dropping to...

[SMM Shanghai Spot Copper] Copper prices are expected to remain high next week, with downstream consumers primarily making just-in-time procurement. Approaching the delivery date and being in a Contango structure, spot discounts for SHFE copper are expected to be limited.

In North China today, spot #1 copper cathode prices against the front-month contract were at a discount of 260-160 yuan/mt, averaging a discount of 210 yuan/mt, unchanged from the previous trading day. Transaction prices ranged from 86,180 to 86,720 yuan/mt, with the average price at 86,450 yuan/mt, up 935 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: LME copper opened at $10,886.5/mt overnight, with copper prices initially moving upward to a high of $11,000/mt before fluctuating downward to a low of $10,760.5/mt, ultimately closing at $10,776.5/mt, up 0.71%, with trading volume reaching 45,000 lots and open interest at 319,000 lots. The most-traded SHFE copper contract 2511 opened at 87,400 yuan/mt overnight, initially reaching a high of 88,090 yuan/mt before fluctuating downward and approaching a low of 86,480 yuan/mt near the session's close, ultimately settling at 86,650 yuan/mt, up 0.86%, with trading volume at 114,000 lots and open interest at 219,000 lots.