SMM

[SMM Spot Copper] During the day, mainstream standard-quality copper was quoted at a premium of 80-120 yuan/mt against the front-month contract, while high-quality copper was quoted at a premium of 100-160 yuan/mt. According to SMM, inventory buildup continued over the weekend in the Shanghai region. The high contango structure attracted suppliers and downstream buyers to actively trade, with trading volumes for the SHFE 2502 contract significantly higher than those for the 2501 contract. As a result, the spot market was not very active. Spot premiums against the SHFE 2503 contract are expected to return to discounts tomorrow.