SMM

[SMM Spot Copper] During the day, mainstream standard-quality copper was quoted at a discount of 130-100 yuan/mt against the front-month contract, while high-quality copper was quoted at a discount of 110-80 yuan/mt. Market transactions during the day showed a significant recovery compared to yesterday. Compared with the same period in the lunar calendar, spot premiums after the delivery of the SHFE copper 2502 contract remained relatively firm. Due to delayed resumption of operations by some downstream sectors, current inventory destocking has been relatively slow. Spot premiums are expected to stabilize and remain steady tomorrow.