Bears reduce positions coupled with bulls increase positions, copper prices are expected to drift higher with small fluctuations [SMM Copper Morning Meeting Minutes]
SMM Morning Meeting Minutes: Overnight LME copper opened at $14,292.5/mt, then drifted lower to touch a low of $14,235/mt, before rebounding to a high of $14,384/mt, ultimately closing at $14,324.5/mt, up 0.56%. Trading volume was 19,000 lots and open interest was 264,000 lots, a decrease of 1,743 lots from the previous trading day, reflecting bears reducing positions. Overnight, the most-traded SHFE copper 2610 contract opened at 108,300 yuan/mt, touched a high of 109,030 yuan/mt and a low of 107,880 yuan/mt during the session, finally closing at 108,700 yuan/mt, up 0.67%. Trading volume was 45,000 lots and open interest was 210,000 lots, an increase of 5,925 lots from the previous trading day, reflecting bulls adding positions.