SMM

[SMM Spot Copper] During the day, mainstream standard-quality copper was quoted at a discount of 140-120 yuan/mt against the front-month contract, while high-quality copper was quoted at a discount of 120-80 yuan/mt. A portion of imported copper flowed into the market during the day, coupled with weak downstream consumption, leading to a slight decline in spot premiums. The post-holiday inventory buildup in China has gradually decreased, and smelters have expanded their export layouts. Spot premiums are expected to rebound next week.