[SMM Shanghai Spot Copper] Looking ahead to tomorrow, copper prices are expected to stabilize after a sharp decline, as downstream demand recovers briefly but most market participants remain in a wait-and-see mood. Following short-term restocking, transactions are unlikely to see significant growth, and spot premiums are anticipated to hold steady.

In North China today, spot prices of #1 copper cathode against the front-month contract were at a discount of 180-140 yuan/mt, averaging a discount of 160 yuan/mt, up 20 yuan/mt from the previous trading day. Transaction prices ranged from 85,050 to 85,250 yuan/mt, with the average price at 85,150 yuan/mt, down 1,260 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: LME copper opened at $10,630.5/mt overnight, initially fluctuating downward to touch a low of $10,577.5/mt, then copper prices gradually rose to a high of $10,689.5/mt before pulling back to close at $10,649/mt, down 1.57%, with trading volume at 33,000 lots and open interest at 325,000 lots. The most-traded SHFE copper contract 2512 opened at 85,000 yuan/mt overnight, touched a low of 84,900 yuan/mt initially, then fluctuated upward to a high of 85,760 yuan/mt near the close, finally settling at 85,690 yuan/mt, down 0.86%, with trading volume at 69,000 lots and open interest at 223,000 lots.

[SMM Shanghai Spot Copper] Tomorrow, copper prices are expected to fall below 86,000 yuan/mt, with downstream purchasing sentiment improving slightly. However, bearish sentiment persists, and the Contango price spread between futures contracts is gradually narrowing. Suppliers may lower premiums to boost transactions.