SMM Morning Meeting Minutes: Overnight, LME copper opened at $12,960/mt. It fluctuated downward in early trading, dipping to $12,792/mt, after which the center of copper prices gradually moved higher and touched a high of $12,966/mt. It then fluctuated downward and finally closed at $12,859/mt, down 1.29%. Trading volume rose to 27,900 lots, and open interest rose to 305,000 lots, down 953 lots from the previous trading day, mainly due to long position reductions. Overnight, the most-traded SHFE copper 2604 contract opened at 100,440 yuan/mt. It fluctuated downward in early trading and bottomed at 100,030 yuan/mt, after which the center of copper prices moved sharply higher and climbed to 101,410 yuan/mt. It finally closed at 100,980 yuan/mt, down 0.35%. Trading volume rose to 74,300 lots, and open interest rose to 195,000 lots, down 5,732 lots from the previous trading day, mainly due to long position reductions.

In the morning session, the SHFE copper 2506 contract tested 79,270 yuan/mt at the opening and began to rise, subsequently testing above 79,230 yuan/mt multiple times. Near the close, it surged to 79,310 yuan/mt and closed at 79,300 yuan/mt. The price spread between futures contracts (BACK) for consecutive months continued to fluctuate within the range of 60-100 yuan/mt, while the import loss for the current month's SHFE copper was approximately 1,400 yuan/mt.

In the morning session, the front-month contract of SHFE copper showed relatively stable movement, fluctuating rangebound between 78,750 and 78,850 yuan/mt during the main trading hours. The price spread between futures contracts for the next month (BACK) fluctuated by 100 yuan/mt. The import loss continued to widen, prompting domestic smelters to increase their export efforts.

In the morning session, SHFE copper prices fluctuated mainly around 78,380 yuan/mt, touching 78,400 yuan/mt multiple times. After briefly surging to 78,480 yuan/mt in the morning, prices pulled back. The price spread between futures contracts for the next month narrowed from BACK 200 yuan/mt to 150 yuan/mt during the day. The import loss for the current month's SHFE copper exceeded 1,300 yuan/mt. Keep a close eye on the export trends of smelters.

In the morning session, SHFE copper prices fluctuated mainly around 78,380 yuan/mt, touching 78,400 yuan/mt multiple times. After briefly surging to 78,480 yuan/mt in the morning, prices pulled back. The price spread between futures contracts for the next month narrowed from BACK 200 yuan/mt to 150 yuan/mt during the day. The import loss for the current month's SHFE copper exceeded 1,300 yuan/mt. Keep a close eye on the export trends of smelters.

[SMM spot copper] Looking ahead to tomorrow, import supplies will remain. Currently, with the guidance of the narrowing price spread between futures contracts, it is expected that there will still be downside room for the premium tomorrow. Attention should be paid to whether it will break through the parity price.