The premium renewed its intra-year high, copper prices drifted higher, and both closed up. [SMM Copper Morning Meeting Notes]
SMM Morning Meeting Minutes: Overnight LME copper opened at $13,604/mt, and amid wild swings at the beginning of the session, it dipped to a low of $13,590/mt. It then continued to swing wildly, rising to a high of $13,645/mt near the end of the session, and eventually closed at $13,644.5/mt, up 0.86%. Trading volume reached 15,600 lots, and open interest stood at 244,000 lots, down 1,039 lots from the previous trading day, indicating a reduction in bearish positions. Overnight the most-traded SHFE copper 2609 contract opened at 104,490 yuan/mt, and initially dipped to a low of 104,240 yuan/mt. It then drifted higher to touch a high of 104,680 yuan/mt, afterwards moving sideways, and finally settled at 104,480 yuan/mt, up 0.69%. Trading volume reached 33,800 lots, and open interest stood at 192,000 lots, up 1,706 lots from the previous trading day, indicating an increase in bullish positions.