Geopolitical Risks and Rate Hike Expectations Put Pressure, Copper Prices Move Sideways in Tug-of-War between Longs and Shorts [SMM Copper Morning Meeting Summary]
SMM Morning Brief: Last Friday night, LME copper opened at $13,490/mt, dipped slightly to $13,453.1/mt in early trading, then drifted higher to touch a high of $13,520/mt, and finally closed at $13,484.5/mt, up 0.03%. Trading volume reached 14,000 lots, and open interest stood at 248,000 lots, an increase of 762 lots from the previous trading day, reflecting an increase in long positions. Last Friday, the most-traded SHFE copper 2608 contract opened at 103,540 yuan/mt, rose slightly to 103,960 yuan/mt in early trading, then drifted lower to hit a low of 103,400 yuan/mt, and finally closed at 103,790 yuan/mt, up 0.08%. Trading volume reached 22,000 lots, and open interest stood at 147,000 lots, a decrease of 1,953 lots from the previous trading day, reflecting a decrease in short positions.