[SMM Shanghai Spot Copper] Outlook for tomorrow: during the day, copper prices edged down, activating some buying interest, but downstream enterprises overall still focused on just-in-time procurement, with limited willingness to chase higher prices. In terms of invoice structure, the price spread between cargoes with invoices dated this month and cargoes with invoices dated next month remained around 40 yuan, and the periodic shortage of invoices continued. Overall, spot prices against the SHFE copper 2606 contract are expected to remain at a discount tomorrow, potentially widening slightly.

SMM Morning Meeting Summary: LME copper was closed overnight. The most-traded SHFE copper 2607 contract opened higher with a gap at 106,300 yuan/mt overnight. Copper prices then quickly shifted their center downward, followed by wild swings during which prices dipped to 105,420 yuan/mt. Near the end of the session, prices fluctuated upward and ultimately closed at 105,780 yuan/mt, up 0.39%. The trading volume reached 26,500 lots, and open interest stood at 181,000 lots, down 1,026 lots from the previous trading day, indicating bears reducing their positions.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, copper prices edged up during the day, market trading cooled notably, downstream enterprises mainly made just-in-time procurement, and demand was unlikely to see significant increases. The inter-month Contango price spread between futures contracts widened slightly, and suppliers showed some willingness to hold prices firm. In addition, according to SMM, available spot copper in Jiangsu was relatively tight, with some downstream enterprises reporting difficulty in finding low-priced supplies. Overall, amid high copper prices suppressing demand and the slightly widening Contango price spread between futures contracts, Shanghai spot copper is expected to maintain a discount against the 2606 contract tomorrow, potentially widening slightly.

SMM Morning Meeting Minutes: Last Friday evening, LME copper opened at $13,624.5/mt. In the early session, it experienced wild swings and dipped to $13,575.5/mt. Subsequently, the center of copper prices shifted upward, reaching a high of $13,678/mt, before fluctuating downward to finally close at $13,635/mt, up 0.18%. Trading volume reached 16,200 lots, and open interest stood at 269,000 lots, a decrease of 3,435 lots from the previous trading day, indicating bears reducing positions. Last Friday evening, the most-traded SHFE copper 2607 contract opened at 104,870 yuan/mt. In the early session, the center of copper prices fluctuated downward, touching a low of 104,420 yuan/mt. Subsequently, it fluctuated upward, reaching 105,280 yuan/mt, before moving sideways to finally close at 105,090 yuan/mt, up 0.58%. Trading volume reached 33,600 lots, and open interest stood at 172,000 lots, an increase of 627 lots from the previous trading day, indicating bulls adding positions.

[SMM Shanghai Spot Copper] Looking ahead to next week, during the day, some downstream processing enterprises had restocking demand, and procurement sentiment rebounded slightly, but constrained by high copper prices, the actual increase in procurement volume was limited. In terms of market performance, suppliers continued to lower their offers during the second trading session, and their willingness to sell increased somewhat, but suppressed by weakening consumption demand, actual transactions remained sluggish. Overall, spot prices against the SHFE copper 2606 contract are expected to maintain a discount next week.

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,508/mt, dipped to $13,454.5/mt early in the session, then the price center gradually shifted upward, reaching $13,620/mt near the end of the session, and finally closed at $13,610/mt, down 0.33%, with trading volume at 17,000 lots and open interest at 273,000 lots, an increase of 143 lots from the previous trading day, indicating bears adding positions. Overnight, the most-traded SHFE copper 2607 contract opened at 104,000 yuan/mt, touched a low of 103,620 yuan/mt right after the opening, then the price center edged up with small fluctuations and reached a high of 104,250 yuan/mt, finally moving sideways to close at 104,100 yuan/mt, up 0.06%, with trading volume at 34,000 lots and open interest at 162,000 lots, an increase of 1,224 lots from the previous trading day, indicating bulls adding positions.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, the Contango price spread between nearby contracts is expected to widen slightly, and suppliers' willingness to hold prices firm is expected to strengthen. During the day, downstream enterprises countered some standard-quality copper at a discount of 120 yuan/mt, but suppliers held prices firm and held back from selling, and the discount did not widen significantly. Demand side, affected by high copper prices, end-users' cargo pick-up pace slowed down, finished product inventories at some processing enterprises rose, and procurement volumes declined. Overall, given weak demand, Shanghai spot copper premiums against the 06 contract are expected to remain at a discount tomorrow.

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,477.5/mt, dipped to $13,461/mt in early trading, then gradually shifted its center upward to reach $13,676/mt, and finally closed at $13,654.5/mt, up 1.69%, with a trading volume of 17,000 lots and open interest of 273,000 lots, down 3,375 lots from the previous trading day, indicating bears reducing positions. Overnight, the most-traded SHFE copper 2606 contract opened at 103,950 yuan/mt, touching a low of 103,950 yuan/mt right at the open, then shifted its center upward to reach a high of 105,190 yuan/mt, and finally closed at 105,030 yuan/mt, up 1.04%, with a trading volume of 37,000 lots and open interest of 133,000 lots, down 3,198 lots from the previous trading day, indicating bears reducing positions.

[SMM Shanghai Spot Copper][SMM Shanghai Spot Copper] Looking ahead to tomorrow, demand side, according to SMM, although copper prices retreated after a rapid rise, absolute prices remained at high levels. End-user cargo pick-up pace slowed down. Affected by the accumulation of finished product inventories, some copper semis processing plants in east China opted to shut down furnaces for maintenance or close part of their production lines to reduce the capital occupation risk caused by high finished product inventories. Overall, amid weak demand, Shanghai spot copper premiums against the 06 contract are expected to remain at a discount tomorrow, or widen slightly.

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,489/mt, initially rising to $13,533.5/mt before the price center gradually shifted lower to $13,386/mt, ultimately closing at $13,427/mt, down 1.2%. Trading volume reached 20,000 lots, and open interest stood at 277,000 lots, a decrease of 6,463 lots from the previous trading day, indicating bulls reducing positions. Overnight, the most-traded SHFE copper 2606 contract opened at 104,130 yuan/mt, initially touching a high of 104,170 yuan/mt before the price center shifted lower to a low of 103,390 yuan/mt, ultimately moving sideways to close at 103,670 yuan/mt, down 0.82%. Trading volume reached 31,000 lots, and open interest stood at 143,000 lots, a decrease of 4,124 lots from the previous trading day, indicating bulls reducing positions.