[SMM Shanghai Spot Copper] Copper prices are expected to continue rising next week, which will affect downstream procurement pace. Although supply in Shanghai is tight, warehouse withdrawals are projected to weaken, slowing the decline in inventory. SHFE copper spot prices are expected to maintain a premium, but the increase is likely to be limited.

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 300-240 yuan/mt, averaging a discount of 270 yuan/mt, down 10 yuan/mt from the previous trading day. Transaction prices ranged from 90,700 to 91,590 yuan/mt, with an average of 91,145 yuan/mt, up 330 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: LME copper opened at $11,402/mt overnight, initially fluctuating considerably and falling to $11,382/mt, then fluctuating upward to a high of $11,479/mt, before fluctuating considerably again and finally closing at $11,434/mt, down 0.13%, with trading volume reaching 24,500 lots and open interest at 341,000 lots. The most-traded SHFE copper contract 2601 opened at 90,600 yuan/mt overnight, initially falling to 90,400 yuan/mt, then fluctuating considerably and nearing the end of the session reaching a high of 91,090 yuan/mt, finally closing at 90,960 yuan/mt, up 0.19%, with trading volume reaching 65,700 lots and open interest at 230,000 lots.

he operating rate for secondary copper rod in November was 23.84%, higher than the expected 27.68%, down 2.62% MoM and down 12.46% YoY.