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[SMM Shanghai Spot Copper] From the perspective of invoice structure, the current tight supply of cargoes with invoices dated this month in the Shanghai spot copper market showed no signs of easing. Suppliers generally raised their quotes for cargoes with invoices dated this month, and low-priced sources were hard to find. Some downstream enterprises, to ensure the issuance of invoices for the current month, preferred to purchase directly from smelters, diverting some spot demand away from the trading market. From the perspective of supplier behavior, with month-end settlement approaching, some suppliers showed low enthusiasm for shipments and held back from selling, further tightening available sources. Demand side, the Labour Day holiday falls next week, and downstream enterprises have pre-holiday stockpiling needs. Procurement may see some increase, with the preference for cargoes with invoices dated this month set to intensify the structural tightness in the spot market. Overall, under the combined effects of tight invoice-dated cargo supply, suppliers holding back from selling, and pre-holiday stockpiling, spot prices against the SHFE copper 2605 contract are expected to maintain a premium tomorrow, continuing the overall firm trend.