SMM Morning Meeting Summary: On Friday evening, LME copper opened at $9,566/mt, touching a low of $9,532/mt shortly after the opening bell. It then fluctuated upward throughout the session, reaching a high of $9,654.5/mt near the close, and finally closed at $9,647.5/mt, down 0.44%. Trading volume reached 18,000 lots, and open interest reached 291,000 lots. On Friday evening, the most-traded SHFE copper 2507 contract opened at 77,910 yuan/mt, touching a low of 77,810 yuan/mt shortly after the opening bell. It then fluctuated upward throughout the session, reaching a high of 78,480 yuan/mt near the close, before pulling back slightly to close at 78,350 yuan/mt, down 0.06%. Trading volume reached 30,000 lots, and open interest reached 192,000 lots.

[SMM Analysis: Rebounding Copper Prices Boost Downstream Restocking Sentiment, but Losses Widen for Secondary Copper Rod Enterprises, Dampening Production Willingness] According to SMM survey data, the operating rate of secondary copper rod was 29.03% this week, down 3.05 percentage points WoW and 18.42 percentage points YoY. Meanwhile, the average price difference between copper cathode rod and secondary copper rod was 1,328 yuan/mt this week, widening by 243 yuan/mt MoM. In addition, the average discount of secondary copper rod in Jiangxi against copper futures was 734 yuan/mt, widening by 306 yuan/mt MoM...

[SMM Zinc Morning Comment] Overnight, LME zinc returned to positive territory after a decline, with the lower band of Bollinger Bands providing support. China and the US have initially reached the Geneva framework in trade negotiations, macro...

[SMM Morning Meeting Summary: Macro and Fundamentals in a Tug-of-War, SHFE Zinc Price Maintains Fluctuating Trend] Overnight, SHFE zinc recorded a small bullish candlestick, with the 5-day moving average acting as resistance above and the lower band of the Bollinger Bands providing support below. Progress was made in the China-U.S. trade negotiations...

》Check SMM copper quotes, data, and market analysis 》Subscribe to view historical price trends of SMM metal spot cargo SMM June 9 At 11:30 today, the futures closing price was 78,750 yuan/mt, down 10 yuan/mt from the previous trading day. The average spot premiums/discounts were 85 yuan/mt, up 10 yuan/mt from the previous trading day. Today, the price of secondary copper raw materials remained unchanged MoM. The price of bare bright copper in Guangdong was 72,700-72,900 yuan/mt, unchanged from the previous trading day. The price difference between copper cathode and copper scrap was 1,388 yuan/mt, remaining unchanged MoM. The price difference between copper cathode rod and secondary copper rod was 1,155 yuan/mt. According to the SMM survey, copper prices rose during the midday session. Suppliers of secondary copper raw materials responded quickly, raising their selling prices or even halting shipments. Many secondary copper rod enterprises stated that the abnormal fluctuations in copper prices were more due to the optimistic expectations surrounding the China-US trade negotiations. However, the market expects that the bullish sentiment will not last long.

[SMM Morning Meeting Summary]: Overnight, LME copper opened at $9,640/mt, touching a low of $9,603.5/mt in the early session before fluctuating considerably upward. It approached a high of $9,660/mt near the close and ultimately closed at $9,649/mt, up 0.11%. Trading volume reached 14,000 lots, and open interest stood at 284,000 lots. Overnight, the most-traded SHFE copper 2507 contract opened at 78,050 yuan/mt, fluctuating upward in the early session to touch a high of 78,220 yuan/mt during the session. It then fluctuated downward, touching a low of 77,960 yuan/mt, before rebounding slightly near the close to ultimately close at 78,140 yuan/mt, down 0.08%. Trading volume reached 26,000 lots, and open interest stood at 191,000 lots.