SMM

【SMM Spot Copper】The futures market declined, and downstream buyers actively priced below 79,050 yuan/mt, but bearish sentiment rose, leading to a decrease in purchase volume compared to yesterday. According to SMM data, Shanghai's inventory on Thursday recorded 210,786 mt, down nearly 8,000 mt from Monday. During the week, copper prices fell, increasing downstream cargo pick-up sentiment, along with stockpiling factors for the Qingming Festival. Spot premiums are expected to rise further next week, but with warrants still not significantly digested, the increase is expected to be limited.