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Shanghai Copper spot faces pressure tomorrow, prices may remain at current levels
Looking ahead to tomorrow, the Shanghai copper spot market continues to be under pressure. From the demand side, after the rapid rise in copper prices, downstream companies have reduced their order volumes, but most companies still mainly purchase for immediate needs, indicating demand resilience. From the market structure perspective, the contango month spread for the next month has slightly widened, and traders holding near-month long positions previously are more inclined to hold their positions to delivery rather than sell spot at low prices under the calendar spread structure, showing a low willingness to sell cheaply and a strong willingness to support prices. Overall, it is expected that tomorrow, the Shanghai copper spot price will remain at the current level relative to the 2604 contract. (SMM)