[SMM Analysis] consumption support is weak and pressure on Brass Bar Enterprises soars in May

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,393/mt. In early trading, the price center rose, hitting a high of $13,452/mt, then drifted lower, and near the end of the session hit a low of $13,323/mt, finally closing at $13,334.5/mt, down 0.57%. Trading volume was 10,600 lots, and open interest stood at 247,000 lots, down 2,082 lots from the previous trading day, reflecting a reduction in long positions. Overnight, the most-traded SHFE copper 2608 contract opened at 103,080 yuan/mt. In early trading, the price center climbed to a high of 103,500 yuan/mt, then drifted lower, and near the end of the session hit a low of 102,880 yuan/mt, finally closing at 103,100 yuan/mt, up 0.14%. Trading volume was 24,400 lots, and open interest stood at 148,000 lots, down 854 lots from the previous trading day, reflecting a reduction in short positions.

Trong nửa đầu năm 2026, ngành dây điện từ của Trung Quốc nhìn chung thể hiện mô hình theo giai đoạn là 'phục hồi và tăng vọt sau kỳ nghỉ lễ, sau đó là sự thoái lui ổn định trong quý 2', với các đặc điểm hoạt động tập trung mạnh vào sự phân hóa cơ cấu.