Data: SHFE, DCE market movement (Feb 10)

SMM Morning Meeting Minutes: LME copper opened at $13,089/mt overnight, with prices initially trending lower to test $13,060/mt, then fluctuating upward to touch a high of $13,160/mt, followed by wide swings before finally settling at $13,100/mt, down 0.64%. Trading volume reached 12,200 lots, and open interest stood at 325,000 lots, down 1,683 lots from the previous session, overall showing a reduction in long positions. The most-traded SHFE copper contract opened at 101,660 yuan/mt overnight, initially fluctuating upward to touch a high of 102,100 yuan/mt, then experiencing wide swings while testing a low of 101,510 yuan/mt, before prices trended higher and finally settled at 101,730 yuan/mt, down 0.13%. Trading volume reached 34,800 lots, and open interest stood at 158,000 lots, down 1,466 lots from the previous session, overall showing a reduction in long positions.

[SMM North China Copper Cathode Spot Market] Entering the final trading week before the Chinese New Year, stockpiling by downstream enterprises in North China for copper cathodes is nearing completion. With copper prices rising and logistics becoming tighter during the week, downstream enterprises are gradually entering the holiday period. It is expected that trading activity in the spot market will continue to weaken.