SMM

[SMM Spot Copper] During the day, mainstream standard-quality copper was quoted at a discount of 110-190 yuan/mt against the front-month contract, while high-quality copper was quoted at a discount of 90-70 yuan/mt. According to SMM, the Shanghai region saw a slight inventory buildup this week. Due to the continued expansion of import losses, the actively cleared import volume is expected to decrease in the near term. Meanwhile, smelters have started planning for exports, which is expected to support premiums in the future.