【SMM analysis】 In the past two weeks, as copper prices retreated from their gains and fell to the range of 80,000-82,000 yuan/ton, the discount of Shanghai copper spot also showed a significant narrowing. However, there is still no sign of significant inventory reduction in the social electrolytic copper inventory. What is driving the narrowing of the discount of Shanghai copper spot? With the approaching trading of Shanghai copper futures contract 2407, is it possible for Shanghai copper spot to turn from discount to premium against futures?
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![[ บทวิเคราะห์ SMM ] คู่มือฉบับภาพรายงานครึ่งปี 2569 ของผู้ถลุงทองแดง 19 ราย](https://imgqn.smm.cn/usercenter/gCNEi20251217171715.jpeg)

