[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.

Spot #1 copper cathode prices in North China against the front-month contract were at a discount of 210–150 yuan/mt today, with an average discount of 180 yuan/mt, unchanged from the previous trading day. Transaction prices ranged from 86,150 to 86,670 yuan/mt, with an average of 86,410 yuan/mt, down 255 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: LME copper opened at $10,857.5/mt overnight on Friday, with prices initially rising to a high of $10,948/mt before fluctuating downward to a low of $10,834.5/mt, then fluctuating upward to close at $10,891.5/mt, down 0.35%, with a trading volume of 21,000 lots and open interest of 336,000 lots. The most-traded SHFE copper 2512 contract opened at 87,210 yuan/mt overnight, initially falling to a low of 86,700 yuan/mt before fluctuating upward to a high of 87,450 yuan/mt near the close, then fluctuating downward to close at 87,130 yuan/mt, down 0.09%, with a trading volume of 76,000 lots and open interest of 254,000 lots.

SMM Analysis: The tight situation in the blister copper market eased in October in China, and SMM expects the market to gradually loosen entering November...