Copper Futures Activity Picks Up with Rising Participation

Glomar and Cobalt Blue plan to build a U.S. refinery to process deep-sea polymetallic nodules, including copper, highlighting alternative supply strategies.

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,402.6/mt. In early trading, it fluctuated downward to a low of $12,334.5/mt. Subsequently, the center of copper prices gradually moved higher, rising to $12,482.5/mt near the close, and finally closed at $12,472.6/mt, up 0.73%. Trading volume reached 24,900 lots, and open interest stood at 291,200 lots, down 7,698 lots from the previous trading day, mainly due to bears reducing positions. Overnight, the most-traded SHFE copper 2605 contract opened at 96,300 yuan/mt. In early trading, it fluctuated downward to 96,210 yuan/mt. Subsequently, the center of copper prices fluctuated upward, touching a high of 96,970 yuan/mt near the close, with a gain of 0.45%. Trading volume reached 40,900 lots, and open interest stood at 183,400 lots, down 2,869 lots from the previous trading day, mainly due to bears reducing positions.

[SMM Copper Bulletin] According to the SHFE daily copper warrant report, copper futures warrants continued to flow out by 8,368 mt during the day, with the most significant outflows in Shanghai at 3,640 mt, followed by Guangdong at 2,926 mt and Jiangsu at 1,902 mt. As social inventories continued destocking, spot premiums in various regions basically stopped falling and rebounded.