[SMM Shanghai Spot Copper] Looking ahead to tomorrow, a new monthly procurement cycle begins, and downstream restocking demand is released. Suppliers are expected to significantly raise their quotes accordingly. In terms of market performance, as copper prices remain at a relatively high level, after suppliers raise their quotes, downstream enterprises' willingness to chase higher prices remains limited. Some transactions are expected to occur after consecutive quote reductions, with coexisting willingness to hold prices firm and to cut prices for shipments. Overall, amid the tug-of-war between partial release of early-month procurement demand and high-price suppression, spot prices against the SHFE copper 2606 contract are expected to remain at a discount tomorrow.

[SMM Shanghai Spot Copper] Looking ahead to next week, spot copper discounts are expected to continue narrowing slightly. Copper prices rose during the session, but the Contango price spread between nearby futures contracts widened slightly. Suppliers showed a strong willingness to hold prices firm, driving spot discounts to narrow marginally. Available supplies in the Changzhou area remained persistently tight, which may support local spot prices. However, as month-end approaches, market trading is turning sluggish, with downstream purchases driven mainly by rigid demand and limited willingness to chase higher prices, and overall transactions are expected to be just balanced. Overall, under the combined effects of suppliers holding prices firm and sluggish month-end trading, Shanghai spot copper prices against the SHFE copper 2606 contract are expected to remain at a discount, with the discount likely to move sideways.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, copper prices edged down during the day, activating some downstream buying interest. According to SMM, orders at some processing enterprises in east China improved compared to yesterday, with end-users mostly placing orders at around 103,600 yuan/mt. Available supplies in Changzhou became relatively tight, which may provide some support for local spot prices. In terms of market structure, the inter-month Contango price spread between futures contracts narrowed slightly, weakening suppliers' willingness to ship to delivery warehouses. The marginal increase in spot circulation pressure pushed discounts to widen further. Overall, amid the interplay of narrowing price spreads between futures contracts pressuring discounts, limited marginal improvement in demand, and tight regional supplies, spot prices against the SHFE copper 2606 contract are expected to remain at a discount tomorrow, continuing to stay under pressure.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, copper prices remain at a relatively high level, downstream demand is weak, and the market is dominated by just-in-time procurement. Trading sentiment has pulled back slightly for consecutive days, and market transactions are sluggish. In terms of market structure, the inter-month Contango price spread between futures contracts remains around 150 yuan/mt, suppliers show a strong willingness to hold open interest for delivery, and a tendency to hold prices firm has emerged. During the day, some suppliers offered standard-quality copper with cargoes with invoices dated this month at a discount of 120 yuan/mt. Overall, Shanghai spot copper prices against the SHFE copper 2606 contract are expected to remain at a discount tomorrow, but downside room is limited.

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Maintained Wild Swings, Spot Market Trading Remained Sluggish]

[SMM Shanghai Spot Copper] Outlook for tomorrow: during the day, copper prices edged down, activating some buying interest, but downstream enterprises overall still focused on just-in-time procurement, with limited willingness to chase higher prices. In terms of invoice structure, the price spread between cargoes with invoices dated this month and cargoes with invoices dated next month remained around 40 yuan, and the periodic shortage of invoices continued. Overall, spot prices against the SHFE copper 2606 contract are expected to remain at a discount tomorrow, potentially widening slightly.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, copper prices edged up during the day, market trading cooled notably, downstream enterprises mainly made just-in-time procurement, and demand was unlikely to see significant increases. The inter-month Contango price spread between futures contracts widened slightly, and suppliers showed some willingness to hold prices firm. In addition, according to SMM, available spot copper in Jiangsu was relatively tight, with some downstream enterprises reporting difficulty in finding low-priced supplies. Overall, amid high copper prices suppressing demand and the slightly widening Contango price spread between futures contracts, Shanghai spot copper is expected to maintain a discount against the 2606 contract tomorrow, potentially widening slightly.

[SMM Shanghai Spot Copper] Looking ahead to next week, during the day, some downstream processing enterprises had restocking demand, and procurement sentiment rebounded slightly, but constrained by high copper prices, the actual increase in procurement volume was limited. In terms of market performance, suppliers continued to lower their offers during the second trading session, and their willingness to sell increased somewhat, but suppressed by weakening consumption demand, actual transactions remained sluggish. Overall, spot prices against the SHFE copper 2606 contract are expected to maintain a discount next week.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Contango price spread between nearby contracts is expected to widen slightly, and suppliers' willingness to hold prices firm is expected to strengthen. During the day, downstream enterprises countered some standard-quality copper at a discount of 120 yuan/mt, but suppliers held prices firm and held back from selling, and the discount did not widen significantly. Demand side, affected by high copper prices, end-users' cargo pick-up pace slowed down, finished product inventories at some processing enterprises rose, and procurement volumes declined. Overall, given weak demand, Shanghai spot copper premiums against the 06 contract are expected to remain at a discount tomorrow.

Shennan Circuits disclosed its investor relations activity record. The PCB business benefited from growing demand for AI computing infrastructure hardware-related products, with factory capacity utilization rates staying high. The packaging substrate business, driven by demand boosts from storage and processor chip substrates, maintained the elevated capacity utilization rate levels seen since Q4 2025. For the Guangzhou packaging substrate project, the capacity ramp-up of BT-type packaging substrates progressed steadily. FC-BGA packaging substrates achieved mass production of products with 22 layers and below, while R&D and sampling of products with 24 layers and above advanced on schedule. The Nantong Phase IV and Thailand factory projects were successfully connected and put into production in H2 2025, with capacity currently ramping up steadily. Capital expenditure in 2026 will primarily focus on PCB and packaging substrate businesses, with key investments directed toward the Wuxi high-speed, high-density, and high-multilayer electronic circuit product project, the Guangzhou packaging substrate factory construction, as well as subsequent payments for the Nantong Phase IV and Thailand factory projects.