US Fed Governor Waller's hawkish remarks, coupled with escalating geopolitical conflicts, pushed LME copper down slightly overnight, while SHFE copper ended higher [SMM Copper Morning Briefing]
SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,445/mt, drifted higher in early trading to touch a high of $13,571/mt, then slightly fell to $13,474/mt before closing at $13,479/mt, down 0.04%. Trading volume was 21,000 lots, and open interest stood at 247,000 lots, down 172 lots from the previous trading day, indicating a reduction in long positions. Overnight, the most-traded SHFE copper 2608 contract opened at 103,910 yuan/mt, initially rose slightly to 104,290 yuan/mt, then drifted lower to touch a low of 103,610 yuan/mt before closing at 103,700 yuan/mt, up 0.58%. Trading volume reached 36,000 lots, and open interest was 143,000 lots, up 768 lots from the previous trading day, indicating an increase in long positions.