Weekend Total Social Copper Inventory Increased, Regional Trends Diverged [SMM weekly data]

At the beginning of the month, a new round of procurement cycle begins, Shanghai spot copper premiums edge up [SMM Shanghai spot copper]

Downstream demand remained weak at the beginning of the month, and suppliers had to continuously cut prices to sell [SMM South China Spot Copper].

Downstream purchase willingness remains weak, copper prices face strong upward pressure [SMM Copper Morning Meeting Summary]

US Moves to Restrict Critical-Mineral Scrap Exports, but Copper Scrap Is Excluded