SMM Morning Meeting Summary: Overnight, LME copper opened at $13,380.5/mt and then hovered at highs, touching a high of $13,449.5/mt before the center fluctuated downward. Near the end of the session, it tested a low of $13,283/mt and ultimately closed at $13,323.5/mt, down 0.51%, with trading volume at 17,000 lots and open interest at 272,000 lots, an increase of 4,370 lots from the previous trading day, indicating bears adding positions. Overnight, the most-traded SHFE copper 2606 contract opened at 103,300 yuan/mt, initially rising to 103,400 yuan/mt before the center fluctuated downward. Near the end of the session, it dipped to 102,580 yuan/mt and ultimately closed at 102,720 yuan/mt, down 0.27%, with trading volume at 37,700 lots and open interest at 197,000 lots, a decrease of 2,022 lots from the previous trading day, primarily indicating bulls reducing positions.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,240.5/mt, fluctuated upward to a high of $13,295/mt in early trading, then the copper price center dropped sharply to $13,182.5/mt, followed by wild swings, and finally closed at $13,242/mt, down 0.26%, with trading volume at 17,000 lots and open interest at 287,000 lots, a decrease of 2,451 lots from the previous trading day, indicating bulls reducing positions. Overnight, the most-traded SHFE copper 2606 contract opened at 102,350 yuan/mt, rose to 102,510 yuan/mt in early trading, then the copper price center dropped sharply to 101,700 yuan/mt, before fluctuating upward to finally close at 102,290 yuan/mt, down 0.09%, with trading volume at 28,500 lots and open interest at 174,000 lots, an increase of 820 lots from the previous trading day, indicating bears adding positions.

SMM Morning Meeting Summary: LME copper was closed overnight. The SHFE copper 2507 contract opened at 77,740 yuan/mt overnight, reaching a high of 78,340 yuan/mt and a low of 77,710 yuan/mt during the session. The closing price was 78,150 yuan/mt. The overall trend fluctuated upward. The price increase was 0.31%, with a trading volume of 26,894 lots and an open interest of 157,842 lots.

On May 23 (Friday), Polish Finance Minister Andrzej Domanski stated that under the new system, Poland's copper ore mining tax would be reduced starting next year.

On May 23 (Friday), Polish Finance Minister Andrzej Domanski stated that under the new system, Poland's copper ore mining tax would be reduced starting next year. The mineral extraction tax, which includes copper, was introduced in 2012. According to the annual report of KGHM, Poland's largest copper ore producer, the company paid 3.87 billion zlotys in taxes in 2024. Domanski said that the tax reduction and the introduction of investment expenditure deductions would reduce tax revenue by approximately 10 billion zlotys ($2.66 billion) over a decade and lower costs for copper ore producers by the same amount. Jakub Jaworowski, Minister of State Assets, stated that, in fact, KGHM is the supplier of approximately 85% of Europe's copper, which is absolutely crucial.

According to SMM, Poland's KGHM announced on Thursday that its copper sales volume in April was 54,100 mt, and its copper production receivable reached 57,900 mt.