Overnight copper prices edged down, bulls cut positions; spot supply tightened, and the discount continued to narrow [SMM Copper Morning Meeting Minutes]
SMM Morning Meeting Summary: Overnight, LME copper opened at $13,767.5/mt, fluctuated upward in early trading to touch a high of $13,813/mt, before the price center gradually shifted lower to dip to $13,518/mt, eventually settling at $13,559.5/mt, a decline of 0.23%. Trading volume stood at 23,000 lots, open interest at 266,000 lots, down 5,003 lots from the previous trading day, mainly driven by long liquidation. Overnight, the most-traded SHFE copper 2607 contract opened at 105,210 yuan/mt, initially rising to 105,670 yuan/mt, then the price center kept moving lower, touching a low of 103,660 yuan/mt near the close, a decline of 0.34%. Trading volume reached 62,600 lots, open interest 161,000 lots, down 44 lots from the prior session, also reflecting long liquidation.