[SMM Shanghai Spot Copper] Tomorrow, the last trading day of the year-end coincides with the final day, and market trading is expected to remain sluggish. Spot discounts for SHFE copper are expected to persist but show signs of narrowing.

Today in North China, spot prices of #1 copper cathode against the front-month contract were at a discount of 60–450 yuan/mt, with an average discount of 530 yuan/mt, down 70 yuan/mt from the previous trading day. Transaction prices ranged from 96,910–97,750 yuan/mt, with an average of 97,330 yuan/mt, down 3,140 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: LME copper opened at $12,415.5/mt overnight, initially fluctuating downward to a low of $12,145/mt, after which copper prices gradually shifted upward, touching a high of $12,459/mt, then the price center dropped sharply and consolidated near the session close, finally settling at $12,187/mt, up 0.45%, with trading volume reaching 64,600 lots and open interest at 341,000 lots. The most-traded SHFE copper contract 2602 opened at 97,020 yuan/mt overnight, initially fluctuating upward to a high of 98,400 yuan/mt, after which the price center declined steadily, approaching a low of 96,010 yuan/mt near the session close, and finally settled at 96,060 yuan/mt, down 4.38%, with trading volume at 231,900 lots and open interest decreasing by 221,000 lots, reflecting long position reduction.

Copper prices hit a fresh all-time high above $12,000 a tonne in London and $5.60 a pound in Chicago this week, capping a year characterized by production outages, trade dislocations, mergers and acquisitions and ever more bullish predictions for the bellwether metal.    

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, as the year-end approaches, the activity of both buyers and sellers is declining. Under the pressure of 100,000 copper prices, downstream just-in-time procurement has also significantly decreased, and the situation of large discounts on SHFE copper spot cargo is unlikely to change.

Today in North China, spot prices of #1 copper cathode against the front-month contract were at a discount of 650-550 yuan/mt, averaging a discount of 600 yuan/mt, up 30 yuan/mt from the previous trading day. Transaction prices ranged from 99,970-100,970 yuan/mt, with an average of 100,470 yuan/mt, up 3,020 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: Affected by the Christmas holiday, LME copper was closed on Friday evening. On Friday evening, the most-traded SHFE copper 2602 contract opened and touched a low at 98,310 yuan/mt, after which copper prices gradually shifted upward. Approaching the close, it climbed to 102,660 yuan/mt, ultimately settling at 101,380 yuan/mt, a gain of 3.33%. Trading volume increased to 246,000 lots, and open interest rose by 942 lots to 253,000 lots.