1.ICSG: Global Copper Mine Production Flat in Q1, LME Copper and SHFE Copper Both Closed Higher Overnight
2026.5.25 Monday
Futures: Last Friday evening, LME copper opened at $13,624.5/mt, swung wildly in early trading to touch a low of $13,575.5/mt, then the price center shifted upward to reach a high of $13,678/mt, before fluctuating downward to finally close at $13,635/mt, up 0.18%, with trading volume at 16,200 lots and open interest at 269,000 lots, down 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, with the price center fluctuating downward in early trading to touch a low of 104,420 yuan/mt, then fluctuating upward to reach 105,280 yuan/mt, before moving sideways to finally close at 105,090 yuan/mt, up 0.58%, with trading volume at 33,600 lots and open interest at 172,000 lots, up 627 lots from the previous trading day, indicating bulls adding positions.
[Copper Morning Meeting Summary] News:
(1) The International Copper Study Group (ICSG) released preliminary data on global copper supply and demand for March 2026 in its monthly report published in May 2026. Preliminary data showed that global copper mine production was basically flat in Q1 2026, with copper concentrates production declining 1.1% offset by a 3.3% increase in solvent extraction-electrodeposition (SX-EW) production. Although global mine production benefited from additional output from capacity ramp-ups at projects in multiple countries, significant declines in copper concentrates production in Chile, DRC, and Indonesia offset global growth. In Indonesia, copper concentrates production at the Grasberg mine fell 42% as the severe mud inflow event in September last year continued to impact production. Chile's mine production declined 5.8%, with increased production at Collahuasi and Quebrada Blanca offset by production cuts at Spence, El Teniente, Escondida, and Los Pelambres. DRC mine production is estimated to have grown only 0.5%: SX-EW production increased approximately 10%, but was partially offset by a 36% decline in copper concentrates production, the latter due to reduced production at the Kamoa mine (affected by the 2025 earthquake event).
Spot:
(1) Shanghai: On May 22, #1 copper cathode spot prices against the current-month 2606 contract were quoted at a discount of 110 yuan/mt to a premium of 30 yuan/mt, with the average quoted at a discount of 40 yuan/mt. In early trading, the SHFE copper 2606 contract showed a consolidating upward trend, opening at 103,950 yuan/mt. After opening, prices edged up then pulled back, ranging between 104,170 yuan/mt and 104,370 yuan/mt. Prices then rose with multiple pullbacks, reaching a high of 104,700 yuan/mt, with a closing price of 104,480 yuan/mt. The inter-month Contango price spread between futures contracts ranged from 110 yuan/mt to 80 yuan/mt, and the import profit margin for SHFE copper against the current-month 2606 contract ranged from a loss of 400 yuan/mt to a loss of 330 yuan/mt. Looking ahead to today, some downstream processing enterprises have restocking demand, with procurement sentiment rebounding slightly, but constrained by high copper prices, actual procurement volume increases are expected to be limited. Market performance side, suppliers continued to lower quotes during the second trading session, with willingness to sell rising, but suppressed by weakening consumption demand, actual transactions remained sluggish. Overall, Shanghai spot copper prices against the 2606 contract are expected to maintain a discount today.
(2) Guangdong: On May 22, Guangdong #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at 210 yuan/mt, down 30 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 140 yuan/mt, down 25 yuan/mt from the previous trading day; SX-EW copper was quoted at a premium of 70 yuan/mt, down 20 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 104,570 yuan/mt, down 955 yuan/mt from the previous trading day; the average price of SX-EW copper was 104,465 yuan/mt, down 950 yuan/mt from the previous trading day. Overall, downstream operating rates declined and procurement volumes fell, with spot trades remaining inactive.
(3) Imported copper: On May 22, the average warrant price was flat from the previous trading day at $72/mt (price range $68-76/mt); the average B/L price was flat from the previous trading day at $71/mt (price range $66-76/mt); the average EQ copper (CIF B/L) price fell $1/mt from the previous trading day to $41/mt (price range $38-44/mt), with quotes referencing cargoes arriving in mid-to-late May and early June.
(4) Secondary copper: On May 22 at 11:30, the futures closing price was 104,480 yuan/mt, down 450 yuan/mt from the previous trading day; the average spot premium was -45 yuan/mt, down 5 yuan/mt from the previous trading day. On May 22, copper scrap prices fell 400 yuan/mt MoM; the copper scrap sales sentiment index rose to 2.73, and the purchase sentiment index rose to 2.23. The price difference between copper cathode and copper scrap was 2,536 yuan/mt, down 8 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,350 yuan/mt. According to an survey, imported copper scrap traders noted that ex-China #2 copper semis prices have been surging recently, approaching #1 copper semis prices, while bare bright copper and other copper semis arriving at ports were sold out immediately, with inventory at relatively low levels.
Prices: On the macro front, the US-Iran agreement has not yet been finalised. Trump stated the deal was largely done but there was no rush to sign, demanding Iran abandon highly enriched uranium. Israel opposed the agreement, preparing for high-intensity operations and demanding the dismantlement of Iran's nuclear facilities; the next round of talks may be held on June 5. On the economic front, White House economic adviser Hassett indicated that if the agreement is reached, it could lead to a sharp drop in energy prices, thereby creating room for the US Fed to cut interest rates. However, the current interest rate futures market has fully priced in the US Fed raising rates as early as October and hiking by 25 basis points before year-end. Rising market expectations of a US-Iran deal pushed the copper price center higher. Fundamentals side, copper cathode spot cargo supply was ample, with imported copper continuing to arrive at ports and enter warehouses. However, elevated copper prices suppressed downstream purchase willingness, with enterprises mostly restocking on an as-needed basis. Market trades were sluggish, and demand-side recovery remained weak. Overall, spot copper prices are expected to move sideways in the doldrums today.

2.Wild Swings in Copper Prices Intensify Market Tug-of-War, Secondary Copper Industry Chain Caught in Cautious Standoff
Copper prices experienced wild swings this week, with a cumulative decline of over 400 yuan/mt. During the period, news of delayed production resumptions at an Indonesian copper mine triggered a single-day surge of 1,630 yuan/mt, which quickly pulled back. The wild swings dominated overall sentiment across the secondary copper industry chain. Amid price fluctuations, the market exhibited a typical cautious tug-of-war pattern characterized by "supply holding prices firm, demand searching for a bottom, sluggish transactions, and diverging expectations." The supply side faced dual pressure from inventory and capital. As downstream payment collection cycles extended significantly to around one week, a large number of copper scrap traders saw inventory accumulate. Although they actively sought cash transactions to relieve pressure, deals remained difficult to close. The sharp pullback in copper prices at the beginning of the week stimulated some secondary copper rod enterprises to restock on dips, slightly easing traders' inventory pressure, but overall circulation volumes did not increase significantly. Traders were generally unwilling to follow price cuts, choosing to hold prices firm on shipments. Market transactions were mainly concentrated on small volumes of previously high-priced historical inventory being sold off to recover capital. Tax-exclusive bare bright copper prices in Guangdong remained at 91,100-91,300 yuan/mt, flat WoW, also reflecting the supply side's willingness to hold prices firm.
The demand side's response was highly rational and full of strategic maneuvering. Although the decline in copper prices briefly stimulated a recovery in purchasing sentiment among secondary copper rod enterprises, which actively sought low-priced supplies in the market, their purchasing behavior strictly followed a "buy as needed" principle with no willingness to stockpile. When copper prices surged rapidly on news stimulus, downstream enterprises generally judged that the rally lacked actual demand support and was unsustainable, causing the purchasing sentiment index to decline rather than rise, displaying unusual calmness while waiting for prices to pull back. This cautious mentality was directly reflected in market transactions, with overall trading remaining sluggish throughout the week. From industry data, the secondary copper rod operating rate was 8.61% this week, up 1.77 percentage points WoW, indicating a slight recovery in production activity. However, the average price spread between primary and secondary copper rod narrowed to 1,338 yuan/mt, down 576 yuan/mt WoW, and the average discount of secondary copper rod in Jiangxi against copper futures also narrowed to 898 yuan/mt, meaning the economic substitution advantage of secondary copper rod weakened somewhat. Notably, against the backdrop of relatively firm raw material prices and narrowing finished product price spreads, the average gross profit margin for secondary copper rod sales calculated by the model increased 190 yuan/mt WoW to 1,047 yuan/mt, which may be related to enterprises effectively controlling costs and digesting prior inventory. Overall, the core reason for the current market stalemate lies in the difficulty for sellers and buyers to form consensus expectations. On the supply side, constrained by inventory costs and capital pressure, suppliers want to ship at high prices but are unwilling to sell at low prices. On the demand side, due to weak end-user orders and low acceptance of high prices, buyers are only willing to make tentative purchases during deep pullbacks. Market circulation is sluggish, and the price transmission mechanism is obstructed. Looking ahead to next week, if copper prices retreat further, the circulation volume in the copper scrap market is expected to decrease. The contradiction between traders' desire to close deals at high prices and downstream buyers' purchasing power constrained by payment cycles will become more pronounced. If traders want to achieve spot cash transactions, they may have to sell inventory at reduced prices, and the market tug-of-war may enter a new phase. Overall, a comprehensive recovery across the industry chain still requires substantive improvement in end-use demand and easing of capital pressure. 

3.ICSG: Global Copper Cathode Market Recorded 396,000 mt Oversupply in Q1 2026
The International Copper Study Group (ICSG) released preliminary data on global copper supply and demand for March 2026 in its monthly bulletin published in May 2026.
Preliminary data indicated that global copper mine production in Q1 2026 was basically flat, with copper concentrates production declining by 1.1%, offset by a 3.3% increase in solvent extraction-electrodeposition (SX-EW) production.
Although global mine production benefited from additional output driven by capacity ramp-up of projects in several countries, significant declines in copper concentrates production in Chile, the DRC, and Indonesia offset global growth.
In Indonesia, copper concentrates production at the Grasberg mine fell by 42%, as the severe mud inflow incident that occurred in September last year continued to affect the mine's production.
Chile's mine production declined by 5.8%, with increased production at the Collahuasi and Quebrada Blanca mines offset by production cuts at the Spence, El Teniente, Escondida, and Los Pelambres mines.
The DRC's mine production is estimated to have grown by only 0.5%: SX-EW production increased by approximately 10%, but was partially offset by a 36% decline in copper concentrates production due to reduced output at the Kamoa mine (affected by the 2025 earthquake event).
In Peru, copper mine production grew by 3.3%, primarily driven by increased production at the Antamina, Las Bambas, and Antapaccay mines, which more than offset production declines at Southern Peru Copper, Quellaveco, and Marcobre.
Mongolia's copper concentrates production is estimated to have grown by approximately 36%, benefiting from the capacity ramp-up of the Oyu Tolgoi underground project.
Preliminary data indicated that global copper cathode production grew by approximately 4.5% in Q1 2026, with primary copper (electrolysis and ore electrodeposition) production increasing by 3.8% and secondary copper (from scrap) production increasing by 7.6%.
China and the DRC, which currently account for approximately 60% of global production, saw their combined production increase by an estimated 9% (China 8.8%, DRC 10%). Excluding these two countries, global copper cathode production declined by approximately 1.4%.
Chile's copper cathode production fell by 11.7%, with copper cathode (from concentrates) production declining by 24% due to smelter operational constraints and maintenance, and electrodeposition copper production declining by 5.7%.
Production in Asia (excluding China) is estimated to have declined by 4%, mainly due to production decreases in Japan, Indonesia, and the Philippines. India's production is estimated to have grown by 25%, benefiting from improved capacity utilization rates and the capacity ramp-up of the Adani smelter.
Global secondary refined copper production (from scrap) increased by 7.6%, mainly driven by growth in China.
Preliminary data indicated that global apparent refined copper usage grew by 0.8% in Q1 2026.
Although global usage excluding China was estimated to have grown by 1.7%, China's apparent demand (excluding bonded warehouse/unreported inventory changes) was estimated to be basically flat, affected by a 40% decline in China's net imports of copper cathode.
China currently accounts for approximately 58% of total global refined copper usage.
The preliminary global refined copper supply-demand balance indicated an oversupply of 396,000 mt in Q1 2026.
In compiling the global market balance, ICSG used China's apparent demand calculation method, which does not account for changes in unreported inventories. However, to facilitate global market analysis, an adjustment item has been added to the attached tables — "Global refined copper balance adjusted for Chinese bonded warehouse inventory changes" — which adjusts the global refined copper balance based on the average bonded warehouse inventory change estimates from two Chinese copper market consultancies.
In Q1 2026, the global refined copper balance based on China's apparent usage (excluding bonded warehouse/unreported inventory changes) showed a preliminary oversupply of approximately 396,000 mt, compared with an oversupply of approximately 135,000 mt in the same period of 2025. The global refined copper balance adjusted for estimated changes in Chinese bonded warehouse inventories showed a market oversupply of approximately 386,000 mt.
Copper Prices and Inventories:
Based on the average estimates from two independent consultancies, Chinese bonded warehouse inventories were estimated to have decreased by approximately 10,000 mt from the end of 2025 levels during the first three months of 2026.
As of the end of April 2026, copper inventories at major metal exchanges (LME, COMEX, SHFE) totaled 1,148,760 mt, the highest level since January 2003. Inventories increased by 404,648 mt, or 55%, from the end of December 2025, with LME up 253,350 mt, Shanghai Futures Exchange up 46,683 mt, and COMEX up 104,615 mt.
The LME spot copper average price in April was $12,891.38 per mt, up 3% from the March average price of $12,498.98 per mt. The 2026 copper price high and low were $14,097 per mt (May 13) and $11,826 per mt (March 19), respectively, with a year-to-date average price of $12,947.22 per mt, up 30% from the 2025 average price.

4.Jinchenxin: Plans to Increase Capital by Approximately $179 Million to Boost Construction of Alacran Copper-Gold-Silver Mine Project
Jinchengxin announced on the evening of May 22 that the company held the 22nd meeting of the 5th Board of Directors on May 8, 2025 and the 2nd Extraordinary General Meeting of Shareholders of 2025 on May 26, 2025, at which the "Proposal on the Planned Investment and Construction of the Alacran Copper-Gold-Silver Mine Project" was reviewed and approved. The company agreed to invest approximately $231 million in the construction of the Alacran copper-gold-silver mine project based on the expected shareholding ratio (55%). Currently, the company's equity interest in the Alacran copper-gold-silver mine has increased to 97.5%, and accordingly the company plans to increase project construction investment by $178.67 million in line with the change in equity ratio, bringing the cumulative investment to approximately $409.89 million. Apart from the aforementioned changes in the company's contribution ratio and corresponding investment amount, the investment estimate, construction plan, and other aspects of the Alacran copper-gold-silver mine project remain unchanged, still based on the feasibility study (FS) of the Alacran copper-gold-silver deposit completed in December 2023 (adopting the NI 43-101 standard).
Regarding (1) Project Overview, Jinchengxin announced:
Investment project: Alacran copper-gold-silver mine open-pit mining and beneficiation project. Based on the feasibility study (FS) of the Alacran copper-gold-silver deposit completed in December 2023 (adopting the NI 43-101 standard), the main content of the project design is as follows: Design scale: This project is a mining and beneficiation project. The mine adopts open-pit mining, with total ore within the designed pit limit of 97.9 million mt. The mine produces surface oxide ore and previously mined and stockpiled tailings (old tailings), as well as mixed ore and primary ore. For different ore properties, a grinding-flotation plant and a gravity separation plant are designed. The grinding-flotation plant mainly processes primary ore and mixed ore, while the gravity separation plant processes surface oxide ore and old tailings. The grinding-flotation plant has a designed processing capacity of 17,600 mt/day, with final products being copper concentrates and gold-silver concentrates; the gravity separation plant has a designed processing capacity of 2,400 mt/day, with final products being gold-silver concentrates. The project is expected to cumulatively recover 797 million pounds of copper, 550,000 ounces of gold, and 5.35 million ounces of silver. Investment estimate: The project investment estimate is $420.4 million, to be used for open-pit mine infrastructure stripping, mining industrial site, raw ore primary crushing station, coarse ore stockpile, grinding-flotation plant and gravity separation plant, concentrates thickening and filtration system, tailings thickening and conveying system, tailings storage facility, mine roads, water supply system, main step-down substation, external power supply lines, external roads, office and living camp, sewage treatment facilities, etc. Company investment amount: The company plans to invest approximately $409.89 million based on a 97.5% shareholding ratio, an increase of $178.67 million over the previously approved amount. Construction plan and service life: The project construction period is 2 years, and the mine life after completion is expected to be 14.2 years. Economic benefit forecast: The project's after-tax net present value (NPV) is $360 million (discount rate 8%), internal rate of return (IRR) is 23.8%, and the investment payback period is expected to be 3 years. The economic benefit calculation is based on copper prices of $3.99/pound, gold prices of $1,715/ounce, and silver prices of $22.19/ounce. For details on the feasibility study (FS) of the Alacran copper-gold-silver deposit, please refer to the "Jinchengxin Progress Announcement on the San Matias Copper-Gold-Silver Project" released by the company on December 19, 2023.
Regarding the impact of this investment on the publicly listed firm, Jinchengxin stated: (1) After the project is put into production, it is expected to have a certain impact on the company's future business development and operating performance, which is conducive to the company's further expansion into the mine resource development field, improving the company's industrial layout, and promoting the company's sustained, stable, and healthy development. (2) This investment in the subsequent construction of the Alacran copper-gold-silver mine project based on the shareholding ratio is in line with the company's long-term development plan, is conducive to promoting the company's sustained, stable, and healthy development, and does not harm the interests of the company and shareholders, especially minority shareholders.
Jinchengxin announced on the evening of May 17 that the Environmental Impact Assessment (EIA) for the company's Alacran copper-gold-silver mine in Colombia recently received formal approval from Colombia's National Environmental Licensing Authority (ANLA). The company will subsequently fully implement environmental permit requirements to ensure harmonious coexistence between project operations and local communities. Based on the feasibility study completed in December 2023, the Alacran copper-gold-silver mine project is an open-pit mining and beneficiation project with an investment estimate of $420 million, total ore within the designed pit limit of 97.9 million mt, and expected cumulative recovery of 797 million pounds of copper, 550,000 ounces of gold, and 5.35 million ounces of silver. The company previously reviewed and approved an investment of approximately $231 million based on an expected 55% shareholding to construct the project. Currently, the company's equity interest in the Alacran copper-gold-silver mine has increased to 97.5%, and the company will follow the corresponding review procedures for project construction investment in accordance with the company's articles of association and make timely disclosures.
Jinchengxin's Q1 2026 report disclosed on April 28 showed: The company achieved total operating revenue of 3.414 billion yuan, up 21.45% YoY; net profit attributable to the parent company was 601 million yuan, up 42.55% YoY.

Regarding the reasons for the increase in Q1 operating revenue and net profit, Jinchengxin announced: This was mainly due to increased sales of mineral resource products (copper cathode, copper concentrates, iron ore) and rising copper ore product prices during the period.
Jinchengxin's 2025 annual report showed: The company achieved revenue of 13.894 billion yuan in 2025, up 39.74% YoY; net profit attributable to the parent company was 2.339 billion yuan, up 47.66% YoY.
Jinchengxin stated in its 2025 annual report: Operating revenue increased 39.74% YoY and net profit attributable to shareholders of the publicly listed firm increased 47.66% YoY during the period, mainly due to increased production and efficiency at captive mine projects in the mine resource development business during the reporting period.
In addition, Jinchengxin stated on the interactive platform on April 28 that the company's copper ore product inventory increased at year-end 2025 and at the end of Q1 2026, mainly because the local rainy season (November–April) affected road conditions and transportation on peripheral roads of the Dikulushi copper mine in the DRC, and the produced mineral products had not yet been sold externally.
China Post Securities' commentary on Jinchengxin's performance report showed: The resource segment saw volume-driven growth, while the mining services business was slightly dragged down. By business segment, the mine resource business achieved revenue/gross profit of 6.986/3.121 billion yuan in 2025, up 117.67%/130.20% YoY, while the mining services business achieved combined revenue/gross profit of 6.613/1.515 billion yuan, up 1.06%/down 13.47% YoY. The mining business saw both volume and price increases, while the decline in mining services was mainly due to the Lubambe copper mine being converted to an internal unit after acquisition, resulting in reduced recognized revenue and gross profit, and some projects being affected by declining work volumes/production ramp-up. Volume: Copper metal sales in 2025 were 92,700 mt, up 88.16% YoY; phosphate ore sales were 357,400 mt, down 1.00% YoY. The growth in copper metal production and sales was mainly due to the Lonshi copper mine reaching full production, the Dikulushi and Lonshi copper mines exceeding production plans, and the Lubambe copper mine being consolidated for the full year. In 2026Q1, copper metal production/sales were 22,400/18,100 mt, mainly affected by declining grade and the rainy season. Price: Copper prices were up 7.62% YoY in 2025 and up 36.72% YoY in 2026Q1. Production is expected to grow steadily in 2026, with significant long-term expansion potential. In 2026, the company's captive resource projects plan to produce 100,300 mt of copper metal (equivalent) and sell 99,700 mt of copper metal (equivalent), and produce and sell 300,000 mt of phosphate ore; the Yisitanxinshan magnetite project plans to produce and sell 1.25 million mt of iron ore concentrates. In the longer term, the northern mining area of the Liangchahe phosphate mine is expected to be put into use by the end of 2028, with annual capacity expanding from 300,000 mt to 800,000 mt; after the eastern zone of the Lonshi copper mine is put into production, annual production can expand from 40,000 mt to 100,000 mt; the Lubambe copper mine is undergoing technological transformation, and after completion is expected to produce 35,000 mt of copper annually; the company holds a 97.5% equity stake in the San Matias copper-gold-silver mine, which is in the EIA approval stage. Risk warnings: Price fluctuation risks; project progress falling short of expectations; downstream demand falling short of expectations; model assumptions not matching reality; policy risks exceeding expectations, etc.

5.Copper Prices Pulled Back Then Surged as Market Fluctuated, China Premiums Declined and Trade Was Sluggish
Early this week, rising US inflation data combined with the continued closure of the Strait of Hormuz kept international oil prices high. Market bets on rate hikes within the year intensified, US Treasury yields climbed and pushed the US dollar stronger, and copper prices pulled back under pressure. Subsequently, Trump paused military action against Iran, the US dollar index weakened, and copper prices staged a recovery. However, prospects for US-Iran negotiations remained uncertain, with Iran insisting on its core demands and disputes over Strait of Hormuz transit fees persisting, keeping the market in a wait-and-see mode regarding negotiation outcomes. By mid-week, Trump indicated that negotiations with Iran were entering the final stage, and some oil tankers departed the Strait of Hormuz, easing geopolitical risks at the margin. The rebound in risk appetite drove copper prices higher. Overall, the macro theme this week remained inflation and interest rate pressures capping upside room for copper prices, while fluctuating US-Iran negotiation expectations and geopolitical disruptions drove futures to fluctuate at highs.
Fundamentals side, supply remained tight overall this week. Early in the week, arrivals of imported and domestic cargoes edged up slightly, marginally easing the tight supply situation. However, as smelters entered concentrated maintenance periods, domestic cargo arrivals shrank and imported cargo arrivals remained limited, tightening spot circulation again, with high-quality copper sources particularly scarce. Demand side, downstream procurement sentiment recovered somewhat during the copper price pullback phase, with actual transactions improving at the margin. However, as copper prices returned to highs, downstream wait-and-see sentiment intensified, with most maintaining just-in-time procurement, and overall market trading activity remained subdued. Inventory side, as of Thursday May 21, inventory edged up 500 mt WoW from Thursday to 243,800 mt, with overall inventory changes limited. In summary, current fundamentals present a pattern where tight supply supports prices while weak demand limits upside elasticity.
Looking ahead to next week, macro logic is expected to continue revolving around US-Iran negotiations, Strait of Hormuz transit, and fluctuating US Fed policy expectations. If US-Iran negotiations continue to progress, easing geopolitical risks may support copper prices, while oil prices and inflation expectations will continue to disturb the market, and a stronger US dollar and US Treasury yields will also cap upside room for copper prices. Fundamentals side, smelter maintenance and tight spot circulation will continue to support the price floor, but demand is unlikely to see significant volume expansion under high copper prices. Copper prices are expected to move sideways in the near term. LME copper is expected to fluctuate between $13,300-13,750/mt, and SHFE copper between 103,000-105,800 yuan/mt. Spot side, against the backdrop of coexisting tight supply and weak demand, premiums are expected to remain firm with fluctuations, and actual transactions will still depend on downstream restocking willingness after copper prices pull back. Spot prices against the SHFE copper front-month contract are expected to range from a discount of 120 yuan/mt to a premium of 30 yuan/mt.