[SMM Shanghai Spot Copper] Trading with invoices dated next month begins tomorrow, and spot liquidity is expected to remain low, with premiums continuing to decline.

Spot prices of #1 copper cathode in North China against the front-month contract were at a discount of 640-560 yuan/mt today, with an average discount of 600 yuan/mt, down 50 yuan/mt from the previous trading day. Transaction prices ranged from 94,060 to 95,480 yuan/mt, with an average price of 94,490 yuan/mt, up 40 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: LME copper opened at $12,191/mt overnight, maintaining high-range fluctuations after opening. After touching a high of $12,230/mt, its price center gradually declined, then touched a low of $12,028/mt, before rising again and fluctuating rangebound to finally close at $12,133/mt, up 0.65%. Trading volume decreased by 8,111 lots to 18,000 lots, and open interest fell by 2,248 lots to 340,000 lots, largely driven by bears reducing positions. The most-traded SHFE copper contract 2602 opened at 95,910 yuan/mt overnight, hitting a high of 96,000 yuan/mt early in the session. Copper prices then gradually moved lower, probing a low of 94,180 yuan/mt, and finally closed at 95,020 yuan/mt, down 0.25%. Trading volume decreased by 162,000 lots to 145,000 lots, and open interest fell by 14,000 lots to 244,000 lots.

SMM Analysis: According to data from the General Administration of Customs, China's copper foil imports (HS codes: 74101100, 74102190) in November 2025 reached 6,653.52 mt, up 11.77% YoY and up 9.23% MoM...

Thirteen Chilean copper projects worth $14.8 billion are expected to hit key milestones in 2026 as prices rise on fears of a global supply squeeze.