[SMM Analysis] The "Counter-Cyclical" Logic of Copper Smelting: When Sulfuric Acid Becomes the Main Product

Delivery Dynamics Provided Support, but Pressure Emerged as the Import Window Became Visible; Shanghai Spot Copper Remained at a Premium Under Pressure [SMM Shanghai Spot Copper]

Peru Released December Copper Export Data; Overnight, Both LME Copper and SHFE Copper Closed Lower [SMM Copper Morning Meeting Summary]

Demand Slowed at Week's End, Spot Premiums Held Steady [SMM North China Spot Copper]

Traders and downstream restocking were significantly less active than yesterday, and spot premiums remained unchanged [SMM South China Spot Copper]