[SMM Shanghai Spot Copper] From a supply-demand perspective, consumption showed improvement compared to earlier. According to SMM, some suppliers reported an increase in downstream enterprise orders. Approaching delivery, the spread between the nearby SHFE copper contracts narrowed slightly. Buoyed by delivery-related support, suppliers’ willingness to hold prices firm rose somewhat, and Shanghai spot copper premiums edged up. In addition, import losses continued to widen, weakening the impetus