[SMM Copper Bulletin] According to the SHFE daily copper warrant report, copper futures warrants continued to flow out by 8,368 mt during the day, with the most significant outflows in Shanghai at 3,640 mt, followed by Guangdong at 2,926 mt and Jiangsu at 1,902 mt. As social inventories continued destocking, spot premiums in various regions basically stopped falling and rebounded.

【SMM Copper Bulletin】 The SHFE copper 2604 contract closed at 100,190 yuan/mt. Based on the BC copper 2604 contract at 88,750 yuan/mt, its after-tax price was 100,287 yuan/mt. The price spread between the SHFE copper 2604 contract and BC copper was -97, and the backwardation in the price spread remained in place but narrowed from the previous day.