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According to SMM statistics, as of June 18, the days of in-factory aluminum rod inventories in China recorded 1.82 days, down 0.84 days from the same period last week (2.66 days on June 12); the inventory ratio fell from 9.28% to 6.87%, a decline of 2.41 percentage points, with inventory levels falling to an extremely low range for the year. During the same period, the comprehensive operating rate of leading aluminum rod enterprises recorded 83.40%, up 1.3 percentage points WoW, climbing for the fourth consecutive week and hitting a new high for the year.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, some suppliers will have month-end payment collection needs and will offload cargoes in the market, dragging down the center of spot premiums. Actual transaction discounts for standard-quality copper have already expanded to 70-60 yuan/mt, and some brand offers have reached a discount of 80-70 yuan/mt. On the demand side, SMM understands that after the recent continuous decline in copper prices, some processing enterprises have reported moderate orders, and their dip-buying willingness has strengthened. However, market performance shows that suppliers had to lower their offers several times before transactions were concluded, indicating that downstream players are still mainly pushing for lower prices with limited willingness to chase higher prices. Overall, amid the tug-of-war between suppliers' offloading pressure and downstream dip-buying, Shanghai spot copper prices against the SHFE copper 2607 contract are expected to remain at a discount tomorrow, with the discount likely to widen slightly.